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MarketScreener Homepage  >  Equities  >  Nasdaq  >  ViacomCBS Inc.    VIAC

VIACOMCBS INC.

(VIAC)
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Lions Gate offered to sell Starz to CBS for $5.5 billion - sources

05/17/2019 | 04:47pm EST
FILE PHOTO: The CBS

(Reuters) - Lions Gates Entertainment offered to sell cable channel Starz to CBS Corp for $5.5 billion (£4.32 billion) after rebuffing a lower offer, two sources familiar with the matter told Reuters.

The counter offer was made by the film studio behind the Hunger Games movies after CBS made an informal $5 billion bid for the cable network, the sources said.

CBS's informal offer was made by Joseph Ianniello, the interim chief executive officer of CBS, about six weeks ago and Lions Gate Entertainment sought a higher valuation, the sources said.

Both companies declined to comment.

The approach underscores the scope of CBS's ambitions to compete more aggressively in a world in which it is squeezed by deep-pocketed tech companies on one side and rapidly consolidating peers on the other.

The news lands 12 days before a board meeting where it will review its options that is believed to include initiating merger discussions with Viacom Inc. Both companies are controlled by National Amusements, which is owned by the Redstone family.

CBS's approach was first reported by the Information on Friday, citing four people familiar with the situation.

Lions Gate bought Starz for $4.4 billion in a cash-and-stock deal in 2016.

CBS, home to popular shows such as the "The Late Show with Stephen Colbert" and "The Big Bang Theory" has been looking at the deal as a possible complement to Viacom Inc, which CBS also is considering purchasing, the report said.

While media majors Walt Disney Co and AT&T Inc are tapping into their extensive film and TV libraries to launch streaming rivals to Netflix and Amazon.com's Prime Video, smaller players CBS and sister company Viacom Inc are focusing on providing original content to other distributors.

CBS is on track to invest more than $8 billion in programming this year, Ianniello had said.

Shares of Lions Gate rose about 12% on the report, while those of CBS were marginally down in afternoon trading.

(Reporting by Akanksha Rana and Arjun Panchadar in Bengaluru; Editing by Arun Koyyur and Diane Craft)

By Kenneth Li and Arjun Panchadar


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
LIONS GATE ENTERTAINMENT CORP. 3.55% 13.42 Delayed Quote.18.03%
VIACOMCBS INC. 1.04% 45.58 Delayed Quote.22.33%
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Financials (USD)
Sales 2020 25 974 M - -
Net income 2020 2 279 M - -
Net Debt 2020 16 428 M - -
P/E ratio 2020 12,3x
Yield 2020 2,10%
Capitalization 28 156 M 28 156 M -
EV / Sales 2020 1,72x
EV / Sales 2021 1,56x
Nbr of Employees 23 990
Free-Float 49,3%
Chart VIACOMCBS INC.
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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 35,45 $
Last Close Price 45,58 $
Spread / Highest target 25,1%
Spread / Average Target -22,2%
Spread / Lowest Target -68,0%
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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