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CBS

CBS

$49.44

1.39 (2.89%)

, VIAB

Viacom

$29.43

0.895 (3.14%)

14:13
08/13/19
08/13
14:13
08/13/19
14:13

CBS, Viacom to combine in all-stock merger to create ViacomCBS

CBS Corp. (CBS) and Viacom (VIA, VIAB) announced they have entered into a definitive agreement to combine in an all-stock merger, creating a combined company with more than $28B in revenue. The combined company, ViacomCBS, "will be a leading global, multiplatform, premium content company, with the assets, capabilities and scale to be one of the most important content producers and providers in the world," the companies stated. Bob Bakish, President and CEO, Viacom, will become President and Chief Executive Officer of the combined company. Joe Ianniello, President and Acting CEO, CBS, will become Chairman and CEO of CBS and will oversee all CBS-branded assets in his new role. The merger agreement was approved by the boards of directors of both CBS and Viacom by unanimous vote of those present, upon the unanimous recommendations of the Special Committees of the CBS and Viacom Boards of Directors, respectively. Existing CBS shareholders will own approximately 61% of the combined company and existing Viacom shareholders will own approximately 39% of the combined company on a fully diluted basis. Under the terms of the merger agreement, each Viacom Class A voting share and Viacom Class B non-voting share will convert into 0.59625 of a Class A voting share and Class B non-voting share of CBS, respectively. NAI, which holds approximately 78.9% and 79.8% of the Class A voting shares of CBS and Viacom, respectively, has agreed to deliver consents sufficient to assure approval of the transaction. More than two-thirds of the CBS directors unaffiliated with NAI, and all of those unaffiliated directors who voted on the transaction, have approved the transaction, as required in order to permit NAI to consent to the transaction under the terms of the 2018 settlement agreement entered into among CBS, NAI and certain other parties thereto. The transaction is subject to regulatory approvals and other customary closing conditions. It is expected to close by the 2019 calendar year end.

CBS

CBS

$49.44

1.39 (2.89%)

VIAB

Viacom

$29.43

0.895 (3.14%)

VIA

Viacom

$33.00

0.41 (1.26%)

  • 05

    Sep

  • 05

    Sep

CBS CBS
$49.44

1.39 (2.89%)

08/01/19
OTRG
08/01/19
NO CHANGE
OTRG
Broadcast and cable upfront pricing higher than expected, says OTR Global
OTR Global said its checks with U.S. media buyers and ad executives indicated that broadcast and cable networks increased upfront ad unit pricing higher than buyers expected. 2019 upfront prices were up 7%-10% year-over-year for broadcast and up 6%-9% year-over year for cable, exceeding sources' expectations of flat or slightly higher pricing, the firm noted, citing its checks.
08/09/19
08/09/19
NO CHANGE

CBS, Viacom closer to merger after agreeing to board, Bloomberg reports
CBS (CBS) and Viacom (VIAB) are near a merger deal after agreeing on the structure of the combined company's board, Nabila Ahmed and Gerry Smith of Bloomberg report, citing people familiar with the matter. The companies are still negotiating the exchange ratio of the potential all-stock merger, which could delay an announcement, sources told Bloomberg. Shari Redstone could become chairman of the combined entity, they added.
08/13/19
IMPC
08/13/19
NO CHANGE
Target $62
IMPC
Outperform
CBS price target lowered to $62 from $72 at Imperial Capital
Imperial Capital analyst David Miller lowered his price target for CBS (CBS) to $62 from $72 following press reports that the company and Viacom (VIAB) have agreed in principal to an all-stock merger ratio of 0.596 CBS shares for every Viacom share. The analyst says that while this is generally consistent with where both names had been trading for the last 90 days, the ratio is below what he had been hoping for from the Viacom side, which was a ratio of 0.7. Nonetheless, Miller keeps an Outperform rating on shares of CBS.
08/13/19
SPHN
08/13/19
NO CHANGE
Target $150
SPHN
Overweight
Nexstar named a Best Idea at Stephens
Stephens analyst Kyle Evans named Nexstar (NXST) as his "Best Idea," replacing CBS (CBS). He believes recent weakness in the broadcast affiliate group and an imminent close on the proposed acquisition of Tribune Media (TRCO) presents an attractive entry point, said Evans, who has an Overweight rating and $150 price target on Nexstar shares.
VIAB Viacom
$29.43

0.895 (3.14%)

04/22/19
LOOP
04/22/19
NO CHANGE
Target $65
LOOP
Buy
CBS price target raised to $65 from $59 at Loop Capital
Loop Capital analyst Alan Gould raised his price target on CBS (CBS) to $65 and kept his Buy rating, saying the stock represents the "most attractive opportunity in large-cap media." The analyst expects the resolution around the appointment of a permanent CEO by the company to lead to CBS entering merger talks with Viacom (VIAB) within 60 days, even though the board appears to be having a "difficult time attracting outside candidates due to the uncertainty of a potential merger," with its initial March 31st target date to conclude its CEO search now having passed.
VIA Viacom
$33.00

0.41 (1.26%)

04/01/19
BNCH
04/01/19
NO CHANGE
Target $18
BNCH
Buy
Chicken Soup may now be one of hottest small properties in media, says Benchmark
Benchmark analyst Daniel Kurnos said Chicken Soup for the Soul (CSSE) "shocked" by announcing a joint venture with Sony (SNE) and "may have just become one of the hottest small properties in the media landscape" in the process. Kurnos believes that the new Crackle Plus will top Pluto TV from a content, monthly average user and total registered user standpoint, noting that Pluto was just sold to Viacom (VIAB) for $340M. Following the JV announcement, the analyst raised his price target on Chicken Soup shares to $18 from $16 and keeps a Buy rating on the stock.
04/04/19
RBCM
04/04/19
UPGRADE
RBCM
Outperform
Viacom upgraded to Outperform from Sector Perform at RBC Capital
RBC Capital analyst Steven Cahall upgraded Viacom to Outperform from Sector Perform.
04/05/19
04/05/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Bed Bath & Beyond (BBBY) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Simeon Gutman saying he believes activist intervention presents the potential for upside for the stock in the near-term. 2. Snap (SNAP) upgraded to Hold from Sell at Summit Insights. 3. Northrop Grumman (NOC) upgraded to Positive from Neutral at Susquehanna. 4. Weyerhaeuser (WY) upgraded to Overweight from Equal Weight at Stephens with analyst Mark Connelly saying the stock, which is generally viewed as an income play, has sold off on rate concerns and slower starts. 5. Viacom (VIA, VIAB) upgraded to Outperform from Sector Perform at RBC Capital with analyst Steven Cahall saying the company's "less contentious" than feared DirecTV (T) deal improves its standing and "paves the way toward merger talks" with CBS (CBS). This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

LOW

Lowe's

$108.00

9.96 (10.16%)

07:16
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COO

Cooper Companies

$332.66

0.39 (0.12%)

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EssilorLuxottica

$0.00

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COO

Cooper Companies

$332.66

0.39 (0.12%)

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EssilorLuxottica

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CERN

Cerner

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TGT

Target

$103.11

17.54 (20.50%)

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SLM

Sallie Mae

$8.29

0.07 (0.85%)

07:11
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ORBC

Orbcomm

$4.84

-0.055 (-1.12%)

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CLSD

Clearside Biomedical

$1.27

0.09 (7.66%)

07:10
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Hot Stocks
Clearside Biomedical plans to resubmit XIPERE NDA in 1Q20 »

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RCKT

Rocket Pharmaceuticals

$11.44

0.115 (1.02%)

07:09
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07:09
Hot Stocks
Rocket Pharmaceuticals announces clearance to commence Phase 2 FANCOLEN-II trial »

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HIW

Highwoods Properties

$43.92

0.14 (0.32%)

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Conference/Events
Highwoods Properties to hold a conference call »

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MYGN

Myriad Genetics

$25.12

0.67 (2.74%)

07:08
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Myriad 'applauds' USPSTF recommendation on BRCA-related cancer prevention »

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KSHB

KushCo Holdings

$0.00

(0.00%)

07:08
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07:08
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KushCo Holdings secures $50M credit facility from Monroe Capital »

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RTRX

Retrophin

$17.39

0.3 (1.76%)

07:07
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Breaking Hot Stocks news story on Retrophin »

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SRAX

Social Reality

$3.39

-0.06 (-1.74%)

07:06
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Hot Stocks
Social Reality changing name to SRAX August 26th »

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STLHF

Standard Lithium

$0.00

(0.00%)

07:05
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Standard Lithium completes fabrication of Phase 1, 2 of 'LiSTR' plant »

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FLY

Fly Leasing

$18.25

0.265 (1.47%)

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WDAY

Workday

$190.87

4.53 (2.43%)

, CRM

Salesforce

$147.40

1.85 (1.27%)

07:04
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WDAY

Workday

$190.87

4.53 (2.43%)

CRM

Salesforce

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1.85 (1.27%)

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CLSD

Clearside Biomedical

$1.27

0.09 (7.66%)

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Breaking Hot Stocks news story on Clearside Biomedical »

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FLY

Fly Leasing

$18.25

0.265 (1.47%)

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Breaking Hot Stocks news story on Fly Leasing »

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USNA

Usana

$67.47

0.43 (0.64%)

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FLY

Fly Leasing

$18.25

0.265 (1.47%)

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PTITF

Indosat

$0.00

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PCTY

Paylocity

$109.41

3.22 (3.03%)

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BERY

Berry Global

$39.94

0.57 (1.45%)

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KEYS

Keysight Technologies

$89.14

1.85 (2.12%)

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TGT

Target

$103.11

17.54 (20.50%)

06:57
08/22/19
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