Stepping back into the spotlight, Viacom execs banged the drums for the progress they have made in turning around the legacy media company even as intrigue swirls about its past, present and future relationship with CBS.
Ending a relatively quiet summer dominated by it former corporate sibling CBS due to the investigation of conduct by CEO Les Moonves, CEO Bob Bakish turned the quarterly earnings call into a one-hour sales pitch. Wall Street seemed to buy in, boosting the company’s shares above the $30 mark for the first time in a month. On a day of broad gains for stocks, Viacom was up 6% to $30.33 midway through the trading day.
“We think there’s a clear and demonstrable fact set that this company is making material progress in a whole set of areas,” Bakish said. “At the same time, we totally agree that the company is currently undervalued by the public marketplace.
Ending a relatively quiet summer dominated by it former corporate sibling CBS due to the investigation of conduct by CEO Les Moonves, CEO Bob Bakish turned the quarterly earnings call into a one-hour sales pitch. Wall Street seemed to buy in, boosting the company’s shares above the $30 mark for the first time in a month. On a day of broad gains for stocks, Viacom was up 6% to $30.33 midway through the trading day.
“We think there’s a clear and demonstrable fact set that this company is making material progress in a whole set of areas,” Bakish said. “At the same time, we totally agree that the company is currently undervalued by the public marketplace.
- 8/9/2018
- by Dade Hayes
- Deadline Film + TV
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