What is Viacom?
Viacom (VIAB) is an American global media company that delivers entertainment content to people in more than 180 countries around the world. Its media network has approximately 700 million subscribers and a cumulative reach of around 4.3 billion. Focusing on cable television and cinema, Viacom competes with Hulu, Netflix and Comsat. Its portfolio features many well-known brands such as BET, Comedy Central, MTV, Nickelodeon, Paramount Network and Paramount Pictures.
Viacom says its goal is to be the world’s leading branded entertainment company across television, motion pictures and digital media platforms. The company was ranked no.224 on the 2017 Fortune 500 list of America’s biggest businesses. Viacom is a constituent of the S&P 500 index.
Who are the key people at Viacom?
Viacom’s elderly founder Sumner Redstone is Chairman Emeritus, and Thomas May is Non-Executive Chairman. Bob Bakish is President and Chief Executive Officer of Viacom. In this role, he is focused on developing new content, expanding distribution and pursuing growth opportunities in Viacom’s core businesses. Among the other key figures at Viacom are: James Gianopulos (Chairman and Chief Executive Officer of Paramount Pictures); Kent Alterman (President of Comedy Central); and Chris McCarthy (President of MTV, VH1 and Logo). Wade Davis is Chief Financial Officer, and David Kline is Chief Technology Officer.
What is the modern history of Viacom?
Viacom’s history goes back to 1971, when it completed its spin-off from Columbia Broadcasting System Inc (CBS) and established itself as a public company. In 1983Viacom formed a joint venture with Warner Communications Inc and Warner Amex Cable Communications; and in 1986 Viacom purchased MTV Networks.
The next major milestone came in 1994, when Viacom completed a $9.9 billion merger with Paramount Communications Inc. This was followed by a $39.8 billion merger with CBS Corporation in 2000.
Viacom in its present-day state was formed in December 2005 as a spin-off from the original Viacom, which was renamed CBS Corporation following the split. Both CBS and Viacom are controlled by National Amusements, which owns 80% of each company.
What are the latest developments at Viacom?
In its full year 2017 results, Viacom was able to report year-on-year gains in revenue and other key financial metrics. Revenue grew 6% to $13.3 billion, while adjusted earnings per share grew 2% to $3.77. Operating free cash flow grew 26% to $1.5 billion, and the company reduced gross debt by around $2 billion since February.
In April 2018, CBS made an offer to buy Viacom at below its market valuation, triggering some difficult negotiations between the two media giants. That month, the Viacom share price stood at around $30, giving the company a market capitalisation of over $12.5 billion. To find out how the shares are doing right now, follow Capital.com. Our VIAB chart puts all the information at your fingertips.
Where does Viacom operate?
Viacom is headquartered in New York City, USA. The company has other offices across the United States, from Hollywood to Miami. Internationally, Viacom has offices in Canada (Toronto and Markham), India (Bangalore), Poland (Warsaw) and the United Kingdom (London).
Where is Viacom traded?
Viacom is listed on the NASDAQ and trades under the ticker symbols VIA for Class A common stock and VIAB for Class B common stock. Note that Class A is voting stock, and Class B is non-voting stock. Capital.com will keep you up to date with the latest VIAB chart.