Viacom CEO Bob Bakish Says “The Market will See the Value of” ViacomCBS, Even as Share Prices Drop

Viacom and CBS

Viacom CEO Bob Bakish has attempted to reassure shareholders that a recent drop in share price is nothing to worry about. Since CBS and Viacom announced their impending merger back in August, stock prices for both companies have dropped sharply, by about 20%. That puts the combined ViacomCBS entity’s value at around $23 billion dollars. Still a big number, but a long way off the $30 billion valuation from a couple months ago.

According to a piece from Deadline yesterday, Bakish was bullish about how shareholders would see the company in the coming months. Speaking at the Vanity Fair New Establishment Summit, he said, “We’re deep in integration planning, we haven’t closed this deal, people have to take a beat.” He continued, “The market will see the value of this company.”

To push the point, Bakish reiterated the multi-pronged strategy that CBS outlined in their original merger announcement. He said, “I believe ViacomCBS as a combined company is looking to supply as many segments as possible.”

There’s no firm date for the CBS/Viacom merger to be completed, but a deal is expected to close by the end of this year.