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Fly News Breaks for December 30, 2016
VIA, VIAB
Dec 30, 2016 | 07:52 EDT
Loop Capital analyst David Miller makes the case that Viacom, which owns 24 linear cable networks, "simply has too many" and said it would not surprise him to see the company sell off between one and eight of its networks to raise cash at some point in 2017. An auction process involving Viacom's "lesser known brands," such as Logo, Palladia, Colors, TMF, CMT, TV Land, Viva, and maybe even VH-1, could raise as much as $4.8B pre-tax, estimates Miller, who adds that trimming the stable and using the cash to reinvigorate the brands that still carry the income statement could "get investors a little more excited" about the stock. Miller maintains a Hold rating and $37 price target on Viacom Class B shares.
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