slumped Monday amidst a broader market recovery as a few Wall Streeters a suggested a wait-and-see attitude to the company’s merger.“ViacomCBS is clearly in the ‘show-me’ category, with a need to prove out merger execution and synergies as well as show [that] its ramp in Hollywood content spending … will produce greater future
Other keys, he said, will be: renewing its NFL package at a reasonable price despite potential competition from Disney, which is crucial for CBS distribution leverage; fending off increased competition as Turner shifts to an unscripted strategy; getting Hulu and YouTube distribution;services will ramp to the point they offset investors’ traditional networks concerns; and how M&A and capital return strategies evolve.He said ViacomCBS will generate less cash than it used to.
The merger closed in December. Late last week, Viacom announced that former NBCUniversal executive George Cheeks will be coming on in March as CEO of CBS Entertainment group – the head of CBS-branded assets at the combined company – replacing Joe Ianiello.investment in 2020 at ViacomCBS may more than offset any continuing merger synergy benefits. “We expect the streaming wars to maintain pressure on media operating margins for the foreseeable future,” he said.
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