Word: cbs
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...last week the opportunity to pair the largely fuddy-duddy CBS assets--broadcast television, radio and outdoor advertising--with Viacom's hipper, younger, cable and movie-studio properties--MTV, VH-1, Nickelodeon and Paramount Pictures--was a deal too good for Karmazin not to persuade Redstone to believe in. "Look, we didn't need a studio," Karmazin says, smiling. "But nobody in the world can tell me it's a bad idea to have...
...this case don't believe what Karmazin is saying. Believe what he's doing. CBS needed to make this deal. It makes sense. Relaxed regulations make it possible for a company to own both a TV network and a studio that creates its content. And until August, companies could own only one TV station in a market; now they can own two. This change sparked a new round of merger negotiations...
...roadside billboards and including just about anything and everything that can carry or broadcast an advertisement. That's what has Wall Street applauding the deal. "It will be a one-stop shop," says PaineWebber analyst Chris Dixon. "Ad buyers can come to them for TV time, billboards, radio ads." CBS has also developed a significant Internet presence. That kind of concentration will give Viacom pricing power too. Dixon, like most analysts, forecasts 18% to 20% increases in cash flow to $5 billion in 1999, and combined revenues above $20 billion. Both CBS's and Viacom's stock rose...
Those assets include household names like CBS, Paramount, MTV, VH-1 and Nickelodeon in addition to properties such as UPN, TNN, Showtime, Simon & Schuster publishing and others, giving the company cradle-to-grave demographics. For example, CBS draws the 50-plus crowd, which will be more than offset by Nickelodeon's and MTV's decisively Gen Y and younger constituency. "My kids will respect me more because I'm involved with a channel [MTV] they actually watch," says CBS president Leslie Moonves...
Time Warner, parent company of TIME, is currently the biggest media company in the world, with assets including cable, broadcast, a movie studio, book publishing, a magazine division and the fledgling WB network. And the Viacom-CBS deal has again piqued the longstanding yearning of Time Warner vice chairman Ted Turner (who once made a run at CBS) to buy NBC, the only major network not affiliated with a Hollywood studio. That's not likely to happen, since Time Warner chairman Gerald Levin seems satisfied with the WB and the company's collection of cable networks...