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MarketScreener Homepage  >  Equities  >  Nasdaq  >  ViacomCBS Inc.    VIAC

VIACOMCBS INC.

(VIAC)
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CBS board plans merger talks with Viacom: CNBC

05/30/2019 | 05:22pm EST
FILE PHOTO: The CBS broadcasting logo is seen outside their headquarters in Manhattan

(Reuters) - Shares of Viacom Inc rose on Thursday on a report that CBS Corp's board is preparing for merger talks with the media company.

The talks are expected to start in mid-June, CNBC reported on Thursday, citing sources. The companies have not yet held discussions, sources familiar with the companies said.

Both CBS and Viacom declined to comment.

Shares of Viacom rose 3.5% to close at $28.72, while CBS was up about 3.2% at $48.20.

The CBS board met on Wednesday to review strategic options that included an unofficial offer it made to buy Lions Gates Entertainment's Starz cable network for $5 billion, one source briefed on the meeting said.

As a condition of the September 2018 settlement that led to CBS dropping a lawsuit against its controlling shareholder, Shari Redstone and her family's National Amusement Inc, Redstone agreed not to raise the possibility of a merger between CBS and Viacom Inc, which she also controls, for about two years. But it left open the possibility of independent members of the CBS board proposing a combination.

Sources close the companies have said CBS' independent board of directors is reviewing a variety of options to protect itself against potential shareholder lawsuits that will likely come regardless of the outcome.

The widely anticipated third attempt to recombine CBS and Viacom is the latest in waves of media mergers to gird against competition for customers from digital rivals Netflix Inc, Amazon.com Inc and Apple Inc.

While big media companies Walt Disney Co, which purchased 21st Century Fox's entertainment assets, and AT&T Inc, which bought Time Warner, are tapping their extensive film and TV libraries to launch subscription streaming services, smaller players CBS and sister company Viacom have built advertising-supported and subscription video services while also providing original content to other distributors.

Reuters reported earlier in May that Lions Gates offered to sell cable channel Starz to CBS for $5.5 billion after rebuffing CBS' lower offer.

(Reporting by Kenneth Li in New York and Akanksha Rana in Bengaluru; Editing by James Emmanuel and Dan Grebler)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
LIONS GATE ENTERTAINMENT CORP. 1.44% 14.83 Delayed Quote.30.43%
MEMBERS CO., LTD. -1.28% 2695 End-of-day quote.16.21%
VIACOM INC. 0.00%End-of-day quote.0.00%
VIACOMCBS INC. 8.82% 51.92 Delayed Quote.39.35%
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Financials (USD)
Sales 2020 25 978 M - -
Net income 2020 2 288 M - -
Net Debt 2020 16 424 M - -
P/E ratio 2020 12,8x
Yield 2020 2,00%
Capitalization 29 455 M 29 455 M -
EV / Sales 2020 1,77x
EV / Sales 2021 1,60x
Nbr of Employees 23 990
Free-Float 49,3%
Chart VIACOMCBS INC.
Duration : Period :
ViacomCBS Inc. Technical Analysis Chart | VIAC | US92556H2067 | MarketScreener
Technical analysis trends VIACOMCBS INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 28
Average target price 35,75 $
Last Close Price 47,71 $
Spread / Highest target 19,5%
Spread / Average Target -25,1%
Spread / Lowest Target -69,4%
EPS Revisions
Managers and Directors
NameTitle
Robert Marc Bakish President, Chief Executive Officer & Director
Shari Ellen Redstone Non-Executive Chairman
Naveen Chopra Chief Financial Officer & Executive Vice President
Philip R. Wiser Chief Technology Officer
Linda M. Griego Independent Director
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