With Viacom CEO Philippe Dauman officially out, analysts are renewing calls for Viacom and CBS to recombine and for Viacom to sell off the struggling Paramount.
Mario Gabelli, the second-largest shareholder in Viacom behind Sumner Redstone, said he believes billionaire John Malone is cooking up a deal for the company. Malone weighed in on the battle for control of the New York media conglomerate Thursday at Allen & Co.’s exclusive business confab in Sun Valley, saying the company’s assets are undervalued because of all the drama around it.
Investment fund manager Mario Gabelli says the company has received a bid of “$40 or better” and he wants to know why the board of directors isn’t telling shareholders.
The Seattle-based owner of 13 full-power and seven low-power TVs as well as a major Seattle office building rejected an unsolicited bid from a Canadian real estate firm, but the bid still has the backing of hedge fund and board dissident FrontFour.The fate of the company and its broadcast stations may rest with Mario Gabelli, Fisher’s biggest institutional investor.