27.90 0.00 (0.00%)
After hours: 4:00PM EDT
|Bid||27.01 x 1100|
|Ask||31.05 x 800|
|Day's Range||27.53 - 28.06|
|52 Week Range||27.00 - 38.00|
|Beta (3Y Monthly)||1.02|
|PE Ratio (TTM)||6.88|
|Forward Dividend & Yield||0.80 (2.93%)|
|1y Target Est||N/A|
Aug.14 -- Mario Gabelli, Gamco Investors Inc. chairman and chief executive officer, explains why he is exploring legal action against Viacom Inc.'s merger with CBS Corp. He speaks with Bloomberg's Scarlet Fu and Caroline Hyde on "Bloomberg Markets: The Close."
Aug.14 -- Viacom Inc. President and Chief Executive Officer Bob Bakish discusses the agreement to merge with CBS Inc., reuniting the two media giants that split in 2006. He speaks with Bloomberg's Vonnie Quinn on "Bloomberg Markets."
CBS and Viacom have finally agreed on terms for a merger, with the new company to be called ViacomCBS, led by Viacom CEO Bob Bakish. Yahoo Finance's Dan Roberts, Heidi Chung, and Sibile Marcellus discuss how the newly formed company will compete in the streaming landscape.
The two companies have agreed to merge, but they need more intellectual property to be a major player in the streaming market.
Some 60% of the combined company’s profits will come from traditional TV networks. That’s a tough sell in the age of streaming.
On CNBC's "Mad Money Lightning Round," Jim Cramer said he likes Penn National Gaming, Inc (NASDAQ: PENN ) at its current price. He wouldn't sell the stock, but he wouldn't double down either. ...
You never really know what someone is focusing on ahead of time during the Lightning Round on Mad Money but the recent news of Viacom and CBS Corp. made yesterday's call somewhat predictable. Let's go back again to charts of VIAB. In this updated daily bar chart of VIAB, below, we can see that prices quickly decline to the $26 area but did not break the March low.
This week, Viacom (VIAB) and CBS (CBS) agreed to merge to form a new media entity, ViacomCBS. That merger could affect Netflix in several ways. With their merger, Viacom and CBS aim to become a major player in the video streaming market. Viacom CEO Bob Bakish, who is set to lead ViacomCBS, said in an […]
Wall Street analysts are taking a wait-and-see approach to the long-anticipated merger CBS Corporation (NYSE: CBS)-Viacom, Inc. (NASDAQ: VIAB) merger, questioning whether the combined companies will create a more profitable global streaming business together than each could have built on their own. BMO Capital Markets analyst Daniel Salmon downgraded CBS from Outperform to Market Perform and lowered the price target from $60 to $51. Barrington Research analyst James Goss reaffirmed an Outperform rating on CBS with a target price of $60.
After months of negotiations, CBS and Viacom have finally agreed to an all-stock merger, which will lead to the creation of a combined company with more than $28 billion in revenues.
CBS and Viacom have finally reached a merger agreement after a prolonged period of closed-door negotiations, but not everyone on Wall Street is convinced the deal is the best move for the two companies.
CBS Corp.’s pending reunification with Viacom Inc. is eliciting strong reactions on Wall Street, with at least two analysts downgrading CBS’s stock after the merger announcement and one upgrading it.
CBS Corporation (NYSE: CBS ) confirmed a merger agreement Tuesday with its sister company Viacom, Inc. (NASDAQ: VIAB ). CBS and Viacom share the same parent company, National Amusements, which is controlled ...
Moody's Investors Service ("Moody's") placed CBS Corporation's (CBS) ratings, including its Baa2 senior unsecured rating and P-2 Commercial Paper rating, on review for downgrade following the announcement that it has entered into a merger agreement with Viacom Inc. (Viacom) (Baa3 under review for upgrade). On August 13, CBS and Viacom agreed to merge in an all-stock transaction.
Shares of both CBS and Viacom fall sharply Wednesday, a day after the media giants formally revealed their $30 billion tie-up, after an influential analyst at Bernstein downgrades CBS and cuts his 12-month price target in a note titled, 'What a shame.'
(Bloomberg) -- During her trip to the Allen & Co. mogul retreat in Sun Valley, Idaho, this summer, Shari Redstone prowled the grounds with just one executive from the media empire she controls: Jim Lanzone, CBS’s chief digital officer.Lanzone, who oversees dozens of web properties, helped build two businesses that will play a crucial role when CBS Corp. and Viacom Inc. complete their merger. The CBS All Access and Showtime streaming services, with more than 8 million subscribers, have delivered a rare bit of growth in a tough climate for old-line entertainment companies.Stirred to action by the unrelenting loss of pay-TV subscribers, media companies are racing to build online services that can compete with Netflix Inc. On Tuesday, Viacom and CBS announced they’ll merge, creating a $30 billion conglomerate and fulfilling a goal long-held by Redstone, who will chair the combine company. With the deal, she is reuniting parts of the empire assembled by her father Sumner and pinning her hopes on streaming to ensure the companies survive an uncertain moment in media.“Shari Redstone had a problem,” said Laura Martin, an analyst at Needham & Co. “CBS and Viacom are both sub-scale, and they are both hers.”Netflix, the biggest player in streaming, has more than 150 million subscribers, making All Access and Showtime minnows in the online world. The pioneer in streaming, Netflix offers thousands of titles, including a never-ending stream of new scripted series, movies, documentaries, specials, and a vast library of reruns.But together, Martin argues, Viacom and CBS “have a more reasonable chance of competing.”CBS has already built a small, profitable streaming business, relying on a few original scripted shows, a deep library and a live feed of its flagship network. A united ViacomCBS Inc., as the new company is to be called, will control 140,000 TV episodes and 3,600 movies, and will spend about $13 billion on programming annually, close to what Netflix lays out each year.Their combined library has breadth. CBS owns one of the largest archives of hit TV shows in the world, spanning “I Love Lucy,” “Star Trek” and “NCIS.” Viacom’s Paramount Pictures owns one of the largest movie libraries in the world, including “The Godfather” and “Mission: Impossible.” While CBS has a deep collection of sitcoms and scripted dramas, thanks to Showtime, Viacom owns kids shows through Nickelodeon.“Look at what this brings together,” Bob Bakish, who will be the chief executive officer of the combined company, said in an interview. “We have tremendous content scale here across categories, demographics, geographies.”Pluto TVBakish plans to use Pluto TV, an advertising-supported video service he acquired at Viacom, to funnel customers to the paid services. He will also bundle all of the company’s subscription services, including Viacom’s kids offering Noggin.Merging also opens international opportunities, where Netflix has an even larger lead. CBS already sells All Access in Canada and Australia, but could easily extend service to Europe and Latin America with help from Viacom’s Channel 5 in the U.K. and Telefe in Argentina.The merger isn’t without risks. Paramount is one of the weakest studios in Hollywood and has struggled to keep its library fresh with new hits. The studio accounts for just 5% of domestic box-office grosses this year.The new company may also need to take steps to keep the architects of CBS’s recent growth and other valuable executives, such as Lanzone, creative chief David Nevins, CBS Sports Chairman Sean McManus and recently appointed news chief Susan Zirinsky.And even with new heft, ViacomCBS will still be much smaller than most of its competitors. Of the major streaming services already in the marketplace or due out in the net 12 months, All Access and Showtime are the only ones owned by a company worth less than $100 billion.Over the past few years, entertainment companies and pay-TV distributors have responded to the challenges facing conventional media by consolidating into mega-corporations that dwarf CBS and Viacom. Walt Disney Co. bought most of Fox, while AT&T Inc. -- the parent of DirecTV -- purchased Time Warner, creating companies worth than $200 billion apiece. The combined ViacomCBS tips the scale at about $30 billion.Getting CrowdedThose larger companies, along with Apple Inc. and Comcast Corp., are crowding into streaming this year and next to compete with Netflix and Amazon.com Inc. That led analyst Martin to say 2020 will be “The Hunger Games” for the media industry -- a reference to the dystopian film where youngsters fight to the death.That’s why many analysts believe the CBS Viacom tie-up is just a prelude -- the first step in an effort to bulk up or cash out.“We certainly will look at opportunities in the marketplace,” Bakish said. “ViacomCBS is one of the companies that matters, and will get a valuation that fits with that.”To contact the reporter on this story: Lucas Shaw in Los Angeles at email@example.comTo contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Three years ago, at a public event in New York, Les Moonves, the reigning king of television atop the most popular network in the US, said he did not want to combine his CBS with Viacom because he was “too old and too rich”. The reunification of the sister companies was viewed as the pesky preoccupation of Shari Redstone, scion of the powerful family dynasty who had just inherited control of the companies from her ailing father. Mr Moonves went so far as to sue her to block the deal — describing Ms Redstone in legal documents as an “interfering presence”.
Thirteen years after Sumner Redstone split his media empire in two, CBS and Viacom have agreed to recombine. For Viacom, the benefits are clear. The combined group should have greater heft negotiating ad sales, cable fees and content licensing.
The newly combined ViacomCBS will invest in more movies and TV shows and try to sell more advertising as it seeks to become a bigger player in the growing business of streaming video.
(Bloomberg) -- CBS Corp. agreed to merge with Viacom Inc. in an $11.7 billion transaction, capping years of on-again-off-again attempts to reunite two media giants that split in 2006.The all-stock deal, announced Tuesday, combines the most-watched U.S. broadcast network with the parent of Paramount Pictures and cable channels such as MTV and Nickelodeon. It followed marathon negotiation sessions this week as the two sides hashed out a price for the long-awaited merger.Shari Redstone, whose family controls both companies, will become chair of the combined entity, called ViacomCBS Inc. She’ll preside over the media empire originally assembled by her father, TV and movie magnate Sumner Redstone, who is now 96 and ailing.Viacom Chief Executive Officer Bob Bakish will lead the new business as CEO.“It creates a true powerhouse in media,” Bakish said in an interview. “One of the few companies that can shape the future of the business.”Joe Ianniello, currently acting head of CBS, will oversee the CBS side of the business. He took the helm last year after sexual-misconduct allegations toppled longtime CEO Les Moonves. Ianniello has signed a new contract that runs into 2021, according to a Viacom representative.Ianniello is a “tremendously talented executive,” Bakish said. “He has had a real and positive impact at CBS, including the recent period where he was put into place at a tricky time.”With the media industry consolidating ever further into a handful of giant companies, the transaction could give the combined entity much greater clout in negotiating deals with pay-TV distributors. It also could help them spread out the cost of content purchases like sports rights over larger operation.Bakish’s PitchNegotiations picked up steam in April, when CBS suspended its search for a new CEO and extended Ianniello’s contract as interim chief. Advisers, bankers and board members met to discuss the potential framework of a deal.In July, shortly after the Independence Day holiday, a subset of CBS board members invited Bakish to dinner at the 21 Club, a speakeasy in midtown Manhattan, to discuss his views on Viacom, CBS and a potential merger. They then invited Bakish to present his strategy to the full CBS board.Under the agreement that was ultimately hammered out, management expects to generate $500 million a year in cost savings within a year or two of the deal closing. The combined entity, valued at about $30 billion, will have more than $28 billion in sales.ViacomCBS will reduce costs by shedding real estate and cutting jobs, Bakish said.“But at the same time, this will create a company that truly matters,” he said.Stock DealCBS shareholders will get 61% of the combined company, with the remainder going to Viacom investors. Each Viacom share will convert into 0.59625 of a CBS share. The new business also will pay a “modest” dividend.CBS stock climbed 1.4% to $48.70 on Tuesday, with Class B shares of Viacom rising 2.4% to $29.21.CBS will receive six seats on the 13-member board, while Viacom gets four. Another two will go to National Amusements Inc., the Redstone family’s investment company, which has said it will vote its controlling stake in favor of the deal.The last time the companies were in merger discussions, more than a year ago, Viacom directors had agreed to take 0.6135 of a CBS share for every nonvoting share of their business, people with knowledge said at the time. The companies, using the code names “Comet” and “Venus,” had expected to save at least $1 billion by combining. But Viacom went through its own cost cutting in the interim. CBS shares, meanwhile, have dropped. They’ve lost about 18% since the beginning of 2018, as the broadcaster faced mounting challenges, including the ongoing competition for viewers with the likes of Netflix Inc. and the ouster of Moonves.This time around, the negotiations dragged on several days as the two sides worked out the details. The companies held round-the-clock negotiating sessions this week, according to people familiar with the talks.Previous TalksCBS and Viacom, both based in New York, were one entity until 2006, when the Redstone family decided investors would give them greater value as separate companies. That strategy didn’t work as well as expected, and there have been sporadic efforts to recombine them in recent years.CBS had been weighing its next moves since firing Moonves last September, after a dozen women accused him of sexual misconduct, setting off a shake-up that included a board overhaul. Ianniello, formerly chief operating officer, has been running the company as interim CEO ever since.CBS and Viacom have ties that go back to the 1970s. The latter was spun out of CBS in 1971, after the Federal Communications Commission ruled that TV networks couldn’t sell programs into syndication after the shows had completed their original run.Viacom became the vehicle that marketed reruns of “I Love Lucy” and “Gunsmoke,” and attracted the interest of Sumner Redstone as an investment. He acquired control of the company in 1987 and purchased CBS in 1999.Viacom is likely to look for more deals in the near future, Bakish said. The combined company will have robust cash flow and investment grade debt, enabling it to invest more money into programming and pursue deals.Viacom and CBS have been seen as possible deal partners for Lions Gate Entertainment Corp. and Discovery Inc. in recent years, though Bakish said there were no current conversations worth discussing.(Updates shares in 15th paragraph.)\--With assistance from Jeff Green, Gerry Smith, Christopher Palmeri and Ed Hammond.To contact the reporters on this story: Lucas Shaw in Los Angeles at email@example.com;Nabila Ahmed in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Liana Baker at email@example.com, ;Crayton Harrison at firstname.lastname@example.org, Nick TurnerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The markets surged higher on Tuesday as the White House will delay its latest rounds of tariffs. That sent stock markets ripping higher, as bulls cheer the latest move. Let's look at a few stocks that were catching our eye as our top stock trades. Top Stock Trades for Tomorrow No. 1: S&P 500 (SPY)The action in the S&P 500 is encouraging, with the index holding onto most of its morning gains. Framed on the chart above in black lines is the two-day trading range from the last big rebound on Aug. 8.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe Thursday-Friday range was important, as the S&P 500 -- as well as the SPDR S&P 500 ETF (NYSEARCA:SPY) -- was stuck between the 50-day and 100-day moving averages.A break of either each had their own implications. In this case, a break of the 100-day put a decline down to the August lows and the 200-day moving average on the table. That was, unless the index was able to reclaim the 100-day, which it conveniently did on Tuesday.Now back over the 100-day, bulls need to push the index back over the 50-day and 20-day moving averages to regain control. If they do, 3,000-plus on the table. The steadily weakening VIX is also a feather in bulls' cap, although a close over 2,942 would help even more. No. 2: Apple (AAPL)Shelving the tariffs until mid-December is a big win for Apple (NASDAQ:AAPL) and it didn't take long for investors to realize it, bidding up Apple more than 4%. Shares briefly penetrated the vital $210 to $212 zone, but failed to hold above it.Bulls now need to push through this zone. If they can, it opens up the post-earnings highs of $220.50. If they fail to, AAPL needs to hold the 50-day on the downside.While Apple did pull back with the rest of the market, it's worth noting that bears weren't really able to crack this one too badly amid the correction. Keep it simple: Above $210 is great, above the 50-day is good and below the 50-day is bad. No. 3: CBS (CBS)The merger between CBS (NYSE:CBS) and Viacom (NYSE:VIA, NYSE:VIAB) is finally official, although the reaction is quite mixed. VIA stock (A shares) are down more than 6%, while VIAB stock (B shares) are up almost 2%. CBS stock is up ~1%.The problem though? CBS wasn't able to reclaim the 200-day and 20-day moving averages, with its intraday rally being sold into. Below the 200-day and prior uptrend support (black line) leaves $47 on the table.A merger is usually good news, but without shares showing much strength, I'm not too encouraged by the action. Below the May lows opens up a can of worms. No. 4: Viacom (B Shares) (VIAB)As for VIAB stock, it too failed to reclaim the 200-day moving average. What are the odds?Anyway, shares are just above range support between $27.50 and $28. So long as that's the case, bulls can justify a long position. However, below this mark opens up a decline down to $25. No. 5: Advance Auto Parts (AAP)Advance Auto Parts (NYSE:AAP) hit new 52-week lows in Tuesday's session after reporting its quarterly results. However, shares bounced hard off the lows and closed near flat for the session.That's constructive, although the new lows certainly aren't. The good news is, bulls now have a few upside levels to consider and a level to measure against on the downside.A close below the lows -- currently at $130.09 -- may very well usher in new lows. $130 is a reasonable stop-loss, although still below the 200-week moving average makes AAP a concern.Should it reclaim the 200-week, look for a possible rebound up to prior range support at $150. I suspect this level will act as resistance, but we'll have to wait and see if that's the case, assuming it even gets there in the first place.Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long AAPL. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Real Estate Investments to Ride Out the Current Storm * 7 Marijuana Penny Stocks to Consider for Those Who Can Handle Risk * 7 Safe Dividend Stocks for Investors to Buy Right Now The post 5 Top Stock Trades for Wednesday: S&P 500, AAPL, CBS, VIAB appeared first on InvestorPlace.