- ViacomCBS CEO Robert M. Bakish discussed some of the planned initiatives following the merger of the media companies at the UBS Technology, Media and Telecom Conference
During a keynote session at the UBS Technology, Media and Telecom Conference, ViacomCBS CEO Robert M. Bakish discussed some of the planned initiatives following the merger of the media companies.
The merger was first announced in August. And it took into effect as of the closing bell on December 4. ViacomCBS trades on the Nasdaq under the ticker symbols VIACA and VIAC.
At the event, Bakish talked about the synergies between the media companies and how the combined company will strengthen its financials, according to Deadline.
An example of a media synergy is how the “The Late Late Show on CBS with James Corden” will be re-aired the following day on Viacom’s Comedy Central. And Paramount Pictures recently licensed titles to both CBS All Access and Showtime. Bakish pointed out that “there are so many angles to this story.”
The company will also look into a $2 billion stock buyback program and it will also sell off some non-core assets like real estate. For example, the headquarters of CBS (known as Black Rock) is going to be divested.
UBS analyst John Hodulik asked Bakish how ViacomCBS is staying competitive with its rivals in the streaming space. Bakish pointed out that CBS is able to deliver live local programming and sports. Viacom also owns ad-supported VOD service Pluto TV in January 2019.
The deal between CBS and the NFL is expiring after the 2022 season. But Bakish believes that the NFL has a “great deal of faith in CBS” for being able to deliver high-quality broadcasts. And Viacom has an advantage when it comes to international reach, which is what the NFL is looking for.
Recently, Bakish spoke with longtime former Viacom and CBS chairman about the progress made in carriage negotiations. Redstone’s daughter Shari now runs National Amusements and has a controlling stake of ViacomCBS. She is also the chairman of the merged company.
