ViacomCBS’s CEO Bob Bakish & CFO Christina Spade spoke at an Investor Conference today (9/17/19).
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Happy Friday the 13th. Although as one of my best buds on FB said, “I’d take Friday the 13th over any Monday.” So true.
Here’s what we have been hearing this week….
VIAB’s CEO of Paramount Pictures, Jim Gianopulos, spoke at an Investor Conference today (09/11/19).
Hope you had a great summer. Just wanted to pass along some of the tidbits from our convos in what felt like the longest short week ever.
In lieu of our What’s Hot What’s Not, we thought it might be helpful to just run through some of what you might have missed the last few weeks as we assume many of you were taking some much-needed vacations....
The hottest names this week were CMLS (534 bps better than the S&P), WWE (434 bps), GTN (395 bps), ETM (311 bps), and CHTR (237 bps).
In this brief note, we provide our thoughts on the very, very, very long-awaited merger between CBS and VIAB.
In lieu of our typical What's Hot/What's Not, we are providing a recap of earnings as well as a link to each note.
VIAB beat nicely; and we’d specifically call out the domestic ad growth, which really surprised at a +6% (in-line with DISCA we might add), with strength pretty broad-based. We also got affirmation of the full year guide, which is probably conservative considering the FQ3 beat. We made slight adjustments to FQ4 – mainly taking down our international numbers on currency headwinds, while underlying growth remains solid. We reiterate our Outperform and F’21 price target of $42, which we remind you is based on a whole set of complex math related to our expectation for a CBS-VIAB tie-up.
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