ViacomCBS is positioning itself as a content juggernaut, one that will sell its TV shows, movies and IP globally, CEO Bob Bakish told an investor conference on Monday
in New York, Black Rock. The company will also announce a share dividend in the next few days, and plans to embark on a stock-buyback plan. "We see an incredible opportunity in our own stock," Bakish said.“We don’t see any asset on the market or coming to the market in the near term that we have to own," he said, adding that strategic opportunities for incremental growth would be welcomed. "That being said, will we look? Of course we will look.
At Paramount Pictures, Bakish acknowledged that "the current quarter didn’t produce the results we wanted it to," but added that the studio is "in a different and far-better place today" than it was just a few years ago. "As we look forward, we are very excited about the pipeline." The combined company's stock started trading on Thursday on the Nasdaq exchange under the ticker symbols "VIAC" and VIACA." Many on Wall Street have said the combined firm will have to prove the benefits of the combination over time.
Bakish and his team have promised a minimum of $500 million in cost synergies, as well as revenue synergies, for which the CEO previously outlined four key areas of opportunity: distribution, advertising, content licensing and streaming.if ViacomCBS will sell some non-core assets, such as book publisher Simon & Schuster and Watch! magazine, before possibly looking for another big deal.
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