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CBS

CBS

$51.61

-2.205 (-4.10%)

, VIA

Viacom

$34.55

0.6 (1.77%)

18:33
05/17/18
05/17
18:33
05/17/18
18:33

CBS declares dividend to protect, give voting power to holders

The board of directors of CBS Corporation, in a unanimous vote of the directors not affiliated with National Amusements, Inc., declared a pro rata dividend of 0.5687 shares of Class A common stock for each share of the Company's Class A common stock and Class B common stock to stockholders of record on the record date, as is permitted under CBS's charter. The payment of the dividend is conditioned on a final determination by the Delaware courts, including a final decision on or the exhaustion of time for any appeals, that the dividend is permissible. The record date for the dividend will be 10 days following such final determination by the Delaware courts or on the next business day after the end of such 10-day period. The payment date is expected to occur five business days after the record date or as soon as practicable thereafter. The Company believes that the written consents delivered by NAI purporting to amend the Company's bylaws are neither valid nor effective. The dividend, if issued, would dilute NAI's voting interest from approximately 79% to approximately 20%. The dividend would not dilute the economic interests of any CBS stockholder. The Board of Directors has taken this step because it believes it is in the best interests of all CBS stockholders, is necessary to protect stockholders' interests and would unlock significant stockholder value. If consummated, the dividend would enable the Company to operate as an independent, non-controlled company and more fully evaluate strategic alternatives. At the same time, in light of the recent actions by NAI and the pending litigation in the Delaware Chancery Court, the Board of Directors determined to postpone its 2018 annual meeting of stockholders that was previously scheduled to take place tomorrow. The Board will determine shortly a new record date for the meeting and will publicly announce the new date, time and location. The postponement will provide all constituents with additional time to consider all pertinent matters before the annual meeting.

CBS

CBS

$51.61

-2.205 (-4.10%)

VIA

Viacom

$34.55

0.6 (1.77%)

VIAB

Viacom

$28.16

-0.1 (-0.35%)

  • 18

    May

CBS CBS
$51.61

-2.205 (-4.10%)

05/17/18
BOFA
05/17/18
DOWNGRADE
BOFA
Neutral
CBS downgraded to Neutral from Buy at BofA/Merrill
05/17/18
05/17/18
DOWNGRADE
Target $58

Neutral
CBS downgraded to Neutral on lawsuit overhang at BofA/Merrill
As previously reported, BofA/Merrill downgraded CBS to Neutral from Buy and cut its price target to $58 from $78. Analyst Jessica Reif said the lawsuit brought by CBS and the special committee alleging a breach of fiduciary duty by the National Amusements Inc. is a significant overhang for shares and will constrain outperformance until a ruling. Further, Reif sees increased risk that CEO Leslie Moonves could leave the company, which would elevate execution risk.
05/17/18
WELS
05/17/18
NO CHANGE
WELS
Market Perform
CBS shares likely return to mid-$60's with no merger, says Wells Fargo
Wells Fargo analyst Marci Ryvicker sees three potential paths unfolding for CBS (CBS) and Viacom (VIAB). The first being CBS remaining a standalone company with Les Moonves in charge. In this scenario the analyst sees CBS shares re-rating to $64, but ultimately being worth $78, and Viacom retreating to $26.50, but being worth $35-$39. The second scenario has CBS and Viacom merging with Moonves in charge. Under this, the new CBS is worth $55 per share with Viacom taken out at $32, Ryvicker tells investors in a research note. Her third scenario has CBS and Viacom merging with Bob Bakish in charge. The analyst values the new CBS at $44 per share in this scenario. At this point, Ryvicker favors a go-it-alone strategy for CBS. She also likes what Bakish is doing at Viacom. The analyst keeps Market Perform rating on both stocks, however, citing the lack of visibility on the outcome or timing.
05/17/18
05/17/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Molson Coors (TAP) downgraded to Hold from Buy at Stifel with analyst Mark Swartzberg saying he sees multiple expansion as unlikely because U.S. beer industry volume trends are getting worse, the company's U.S. share trends are not improving, and demographics favor continued pressure on per capita alcohol consumption. 2. Progressive (PGR) downgraded to Market Perform from Outperform at Keefe Bruyette with analyst Meyer Shields citing valuation. 3. CBS (CBS) downgraded to Neutral from Buy at BofA/Merrill with analyst Jessica Reif saying the lawsuit brought by CBS and the special committee alleging a breach of fiduciary duty by the National Amusements Inc. is a significant overhang for shares and will constrain outperformance until a ruling. 4. Canadian National (CNI) downgraded to Neutral on valuation at Macquarie with analyst Konark Gupta citing valuation. 5. Jounce Therapeutics (JNCE) downgraded to Market Perform from Outperform at Wells Fargo with analyst Jim Birchenough saying overall response rates for JTX-2011 monotherapy in gastric cancer and in triple negative breast cancer, as well as for JTX-2011 plus Opdivo in gastric cancer and in triple negative breast cancer are "underwhelming" and "not competitive with other investigational drugs." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
VIA Viacom
$34.55

0.6 (1.77%)

03/28/18
SBSH
03/28/18
UPGRADE
Target $30
SBSH
Neutral
Viacom upgraded to Neutral from Sell at Citi
Citi analyst Jason Bazinet upgraded Viacom (VIAB) to Neutral and raised his price target for the shares to $30 from $26. The analyst assigns a 50% probability of a merger with CBS (CBS) and believes Viacom shares would be worth $30 under such a scenario.
04/30/18
BARD
04/30/18
NO CHANGE
Target $33
BARD
Neutral
Twitter's new partnerships highlight 'growing relevance,' says Baird
Disney's (DIS) and Viacom's (VIAB) announced live content/streaming partnerships with Twitter (TWTR) highlight Twitter's "growing relevance as a distribution platform," Baird analyst Colin Sebastian tells investors in a research note. He believes the partnerships should provide tailwinds for Twitter's video advertising business. Video accounts for greater than 50% of Twitter ad revenue and is its fastest growing ad format, Sebastian points out. The analyst says Disney and Viacom represent two of the company's biggest partnership wins to-date. He keeps a Neutral rating on Twitter with a $30 price target. The stock closed the trading day up 4.5% to $30.31.
05/07/18
SPHN
05/07/18
NO CHANGE
Target $58
SPHN
Equal Weight
CBS-Viacom deal could work at Class B shareholders' expense, says Stephens
Stifel analyst Kyle Evans contends that CBS (CBS) posted the kind of quarter that should fundamentally separate the company from many media peers. However, he said there is no more clarity following its report on whether its Class A shareholders will push for a combination with Viacom (VIAB) that "undermines Class B holders." Evans lowered his price target on CBS to $58 from $64 and maintains an Equal Weight rating on the stock.
05/15/18
SBSH
05/15/18
NO CHANGE
Target $66
SBSH
Buy
Citi drops likelihood of CBS-Viacom merger to 25% from 50%
Citi analyst Jason Bazinet dropped his likelihood of a CBS (CBS), Viacom (VIAB) merger to 25% from 50% after CBS filed a Delaware lawsuit asking for a restraining order to prevent Shari Redstone from interfering with a special CBS board meeting. The analyst now sees a lower chance of CBS acquiring Viacom. As such, he increased his price target for CBS shares to $66 from $61 and lowered his price target for Viacom shares to $29 from $30.
VIAB Viacom
$28.16

-0.1 (-0.35%)

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