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CBS CORPORATION (CBS)
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Viacom, CBS owner Shari Redstone says media companies need scale

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10/03/2017 | 09:55pm CEST

(Reuters) - Media content companies must get bigger to compete in the quickly changing media landscape, Shari Redstone, whose family controls Viacom Inc (>> Viacom) and CBS (>> CBS Corporation), told attendees of a luncheon on Tuesday at the Paley Centre for Media in New York City.

(Reuters) - Media content companies must get bigger to compete in the quickly changing media landscape, Shari Redstone, whose family controls Viacom Inc (>> Viacom) and CBS (>> CBS Corporation), told attendees of a luncheon on Tuesday at the Paley Centre for Media in New York City.

"Scale matters now and is going to continue to matter in the future," said Redstone, when asked about whether she thinks CBS and Viacom should be combined. "Obviously it's never that simple."

As competition for viewers increases in a shrinking pay TV market and AT&T Inc (>> AT&T) is in the midst of buying Time Warner Inc (>> Time Warner), content companies are wrestling with ways to grow their business.

Redstone's remarks come almost a year after she and her father, 94-year old-Sumner Redstone, pushed to merge Viacom and CBS. They ultimately pulled the plan after negotiations between the two companies failed..

For now, the two companies are being run separately.

Scale could also come in the form of a merger or partnership with a telecommunications company, Redstone said, when asked about potential deals of that nature.

"We are only going to succeed if we have the content where consumers want to watch it," she said. "I think this is a critical piece of our business going forward, both for CBS and Viacom and for all media companies."

One audience member asked if Viacom needed to acquire content, such as sports, to be part of the many bundles of online streaming channels. Redstone, who also is on the board of Viacom and CBS, answered that Viacom could find partners, and an acquisition was not necessary.

CEO Bob Bakish is working to turn around Viacom, after years of declining ratings and ad revenue. Under his leadership the media company is developing a short form content unit, which will create programming for various delivery methods, including direct to consumer via the internet, Redstone said.

"The media companies have an advantage when it comes to storytelling because we can figure out how do we want to tell our story among all these different platforms," she said.

(Reporting By Jessica Toonkel; Editing by David Gregorio)

By Jessica Toonkel

Stocks treated in this article : Time Warner, AT&T, CBS Corporation, Viacom
Stocks mentioned in the article
ChangeLast1st jan.
AT&T 0.68% 32.405 Delayed Quote.-17.21%
TIME WARNER 0.84% 98.77 Delayed Quote.7.98%
VIACOM -1.25% 29.355 Delayed Quote.-4.58%
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Financials ($)
Sales 2018 14 680 M
EBIT 2018 3 102 M
Net income 2018 2 010 M
Debt 2018 9 434 M
Yield 2018 1,37%
P/E ratio 2018 10,77
P/E ratio 2019 9,58
EV / Sales 2018 2,09x
EV / Sales 2019 1,95x
Capitalization 21 295 M
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CBS Corporation Technical Analysis Chart | CBS | US1248572026 | 4-Traders
Technical analysis trends CBS CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 66,0 $
Spread / Average Target 17%
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Managers
NameTitle
Leslie Moonves Chairman & Chief Executive Officer
Jo Ann Ross President & Chief Advertising Revenue Officer
Joseph R. Ianniello Chief Operating Officer
David F. Poltrack Chief Research Officer & President-CBS Vision
Douglas Rousso Chief Technology Officer
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