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    VIAC   US92556H2067

VIACOMCBS INC.

(VIAC)
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Exclusive - CBS plans all-stock bid for Viacom below current valuation: sources

04/02/2018 | 06:47pm EDT
The CBS television network logo is seen outside their offices on 6th avenue in New York

(Reuters) - CBS Corp (>> CBS Corporation) plans to make an all-stock offer for Viacom Inc (>> Viacom) that values the U.S. media company below its current market valuation, people familiar with the matter said on Monday, indicating that tough negotiations lie ahead.

(Reuters) - CBS Corp (>> CBS Corporation) plans to make an all-stock offer for Viacom Inc that values the U.S. media company below its current market valuation, people familiar with the matter said on Monday, indicating that tough negotiations lie ahead.

It is unusual for deal negotiations to start with the acquirer valuing its target at a discount. The fact that CBS's first bid for Viacom infers such a valuation reflects how CBS views its position in the U.S. media landscape as superior to Viacom's.

As part of its initial offer to be submitted in the next few days, CBS Chief Executive Leslie Moonves will propose to stay at the helm for at least two years if the U.S. media company's bid to merge with peer Viacom is accepted, according to the sources.

That offer is contingent on Viacom accepting all other aspects of CBS's bid, the sources added.

The sources asked not to be identified because the matter is confidential.

CBS and Viacom declined to comment.

Viacom's shares were down 3 percent at around $29.62 in after-hours trading, while CBS shares were little changed. CBS and Viacom have market capitalisations of $19.4 billion (13.8 billion pounds) and $12.7 billion, respectively.

CBS and Viacom set up special committees to explore the merger in February, a move to reunite the companies split by controlling shareholder Sumner Redstone more than a decade ago.

The two companies explored a merger in 2016 instigated by the Redstone family, but those talks ended unsuccessfully, due to concerns by CBS about price and governance issues.

Since then, Viacom CEO Bob Bakish has taken a number of steps to boost the company's performance, including improving relations with cable and satellite companies, causing some analysts to expect CBS to acquire Viacom at a premium.

Many of Viacom and CBS's competitors are merging as scale becomes increasingly important in the media landscape, with more customers cancelling pricey cable contracts, and Netflix Inc and Amazon.com Inc spending billions of dollars on making shows and movies.

Walt Disney Co announced in December it would buy the majority of Twenty-First Century Fox Inc's <FOX.A> assets. Discovery Communications recently bought Scripps Networks Interactive Inc (>> Scripps Networks).

(Reporting by Jessica Toonkel in New York; Editing by Matthew Lewis)

By Jessica Toonkel


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.58% 3405.8 Delayed Quote.5.18%
DISCOVERY, INC. 3.32% 26.14 Delayed Quote.-13.13%
NETFLIX, INC. 0.04% 592.64 Delayed Quote.9.60%
VIACOM INC. 0.00%End-of-day quote.0.00%
VIACOMCBS INC. 1.13% 40.44 Delayed Quote.8.53%
WALT DISNEY COMPANY (THE) 1.28% 178.26 Delayed Quote.-1.61%
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Analyst Recommendations on VIACOMCBS INC.
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Financials (USD)
Sales 2021 28 067 M - -
Net income 2021 2 907 M - -
Net Debt 2021 12 149 M - -
P/E ratio 2021 9,11x
Yield 2021 2,39%
Capitalization 26 293 M 26 293 M -
EV / Sales 2021 1,37x
EV / Sales 2022 1,26x
Nbr of Employees 22 109
Free-Float 51,6%
Chart VIACOMCBS INC.
Duration : Period :
ViacomCBS Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends VIACOMCBS INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 27
Last Close Price 40,44 $
Average target price 52,10 $
Spread / Average Target 28,8%
EPS Revisions
Managers and Directors
Robert Marc Bakish President, Chief Executive Officer & Director
Naveen Chopra Chief Financial Officer & Executive Vice President
Shari Ellen Redstone Non-Executive Chairman
Philip R. Wiser Chief Technology Officer & Executive VP
Stephen D. Mirante Chief Administrative Officer & Executive VP
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