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Fly News Breaks for November 18, 2019
Nov 18, 2019 | 06:22 EDT
While CBS (CBS) and Viacom (VIAB) have underperformed broader markets and media peers significantly since announcing their merger deal, there could be some near-term catalysts to provide support post the deal close, Barclays analyst Kannan Venkateshwar tells investors in a research note. CBS's December renewal with YouTube will not only provide an opportunity to add some Viacom networks to YouTube TV, but success in doing so could also help narrative on revenue synergies, contends the analyst. Further, he believes both companies "could have some coterminous affiliate deals next year that could further add to this story." In addition, digital revenue is starting to be "meaningful in scale" from a revenue perspective for both companies, contends Venkateshwar. As such, he believes shares of CBS and Viacom offer attractive risk/rewards in the near term, despite lacking long term visibility. The analyst keeps Equal Weight ratings on both names.
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