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ViacomCBS Could See $350M Ad Hit In Q1 On Cancelled NCAA Basketball As TV Industry Faces Live Sports Scarcity

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ViacomCBS could see a $350 million hit this quarter on the cancellation of the Men’s NCAA Basketball Tournament, says one media analyst. David Miller from Imperial Capital has cut earnings fo…

Basketball Tournament, says one media analyst. David Miller from Imperial Capital has cut earnings forecasts for the company and his price target for the stock, which is down 16% Wednesday.

He estimates ViacomCBS will lose out on approximately $350 million in advertising revenue. It will probably not have to pay rights fees back to the As a sign of how quickly things devolved, he said that up until last Wednesday, NCAA tournament advertising inventory was selling briskly, with CPMs up an average 9.2% year-on-year, depending on the round and game.

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OR get ad revenues because more people are stuck home watching TV. Those who don't have an income will have to shut off premium channels and streaming services.

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Coronavirus Knocks Out Live Sports: How Quickly Can Industry Rebound?The media industry was expecting March Madness. What it got was absolute chaos. Just a week ago, two of the top executives in TV sports were talking up the NCAA’s annual men’s basketball tournament… Perfect opportunity for disruption. There’s a better way for sports to exist in the 21st century.
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