Wedbush Upgrades Viacom (VIAB) to Outperform; Sees 75% Chance of Deal
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Analyst James Dix commented, "... one “Les” company in big media should be more for VIAB shareholders; upgrading VIAB to OUTPERFORM from NEUTRAL on higher PT given increasing likelihood of merger. From our analysis, we highlight: 1) a detailed assessment of the strategic value of a transaction for CBS, which we see as paramount for its Chairman and CEO, Les Moonves; 2) assessment of where Paramount fits among the major Hollywood film studios, including takes from conversations with industry experts and talent, and 3) a presentation of various merger and stand-alone scenarios."
The firm places a 75% probability on a merger, which they assume would be an all-stock transaction.
Shares of Viacom closed at $36.00 yesterday.
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