Before CBS Corp. and Viacom officially started their talks about a third attempt to recombine earlier this year, some observers cited potential cost synergies of $1 billion. But when the companies finally unveiledon Tuesday, they provided a target of $500 million in cost savings from merging.
Wall Street analysts have moved towards the cost savings target unveiled by the companies in recent weeks. MoffettNathanson analyst Michael Nathanson earlier in the year worked with a $750 million synergies assumption before in mid-July citing a lower $500 million figure. So where will the cost savings come from? The deal announcement didn't provide much immediate detail. And Ianniello in a staff memo said that "Bob [Bakish] and I will ensure a smooth and steady integration of our two great companies," but didn't provide details.
Its a bloated mess. Will take them years to streamline and create the proper infastrucure.
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