Neither is likely without a struggle, considering how former CEO Philippe Dauman fell out of favor with Sumner Redstone when he suggested in 2016 that Sumnerof Paramount, reportedly at a valuation as high as $5.5 billion. Any major transaction would also require signoff from Shari Redstone, who spent years fighting to combine and ultimately control the businesses.
“That was always Sumner’s issue, is that he fought so hard to put everything together that he never wanted to take it apart,” says another former Viacom executive, who spoke on the condition of anonymity. “I think that Shari probably feels the same way.”and MTV, once at the pinnacle of cultural relevance, are bleeding viewers. As of February, Nickelodeon had lost 44% of its audience in the past five years; MTV has also hemorrhaged viewers and revenue and is working to rebuild.
On ViacomCBS’ February earnings call, CEO Bob Bakish admitted that Showtime was a “working capital headwind for the company” in 2019, but emphasized that he planned to improve cost efficiency across the business.Adding to cost pressures are the upcoming negotiations for the rights to air NFL football on CBS and a network carriage deal with Dish, the U.S. satellite network, both critical gets.
, “likely played a role in their own demise,” according to MoffettNathanson, by limiting the appeal of CBS All Access, the company’s flagship streaming service, which has 16 million paying subscribers. The bright spots are few. Management shake-ups have slowed and Redstone has a seemingly solid partnership with Bob Bakish, a Viacom veteran who took over as CEO in 2016. Pluto TV, the ad-supported streaming service Viacom bought last year for $340 million expects to end 2020 with 30 million monthly active users, compared to at least 28 million current subscribers at Disney+ and over 167 million at Netflix, which are collecting monthly fees from all of them.
Noah_Kirsch All these rumors (well, that one guy) about Apple and Disney. Forget Disney, who’s gonna finally put ViacomCBS out of its misery? And isn’t it Redstone’s “long term” desire to sell this thing anyway?
Noah_Kirsch So much of our happiness depends on how we choose to look at the world.
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