Word: cbs
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Redstone has always taken big risks. The Paramount bidding went $2 billion higher than his target, but he spent the money anyway. He now says he'd never burden Viacom like that again and notes that the CBS deal, a stock swap, was done without paying a premium or adding debt...
...CBS has Karmazin, a shareholder-first kind of guy, like Redstone--and one reason Redstone could dump his own team. He praises Karmazin's "easy, nonarrogant" style and bristles at the notion that he can't work with a strong No. 2. "There's only one time it didn't work out," he says, referring to former heir apparent Frank Biondi...
...Broadcasting] CBS, Infinity Radio (163 stations), 34 TV stations...
...CBS worth $36 billion? Yeah, on Wall Street, where it's 1999, and advertising on TV networks is the best way to sell SUVs and six-packs to the masses. In the hearts, minds and business plans of Silicon Valley, however, it's 2005. Most U.S. homes and every last dorm room and office have high-speed connections to the Net; a wired nation surfs an endless array of digital infotainment, and--sorry, Sumner--the '80s-era conglomerates brimming with vertically integrated synergy are about as relevant as rabbit ears. The Viacom-CBS merger "has the feel of a nostalgia...
...that actually happened, of course, the mastodon would squash you flat. The Viacom-CBS deal is about translating media distribution into ad dollars, and in the current world, CBS's TV, radio, billboard and Web properties will make the new Viacom a promotional and marketing juggernaut. Viacom, says PaineWebber analyst Chris Dixon, "is clearly going to be on the cutting edge of any kind of ad spending that's being done across all media...