VIAC: ViacomCBS Inc. - Viacom 3Q20 Nicely Ahead

Paramount InSites
Cover image for  article: VIAC: ViacomCBS Inc. - Viacom 3Q20 Nicely Ahead

Viacom reported 3Q revenue $77m ahead (at -9% Y/Y) and EBITDA $60 ahead (at -12% Y/Y), while EPS beat by $0.02 at $0.91 and FCF was $434m ahead at $1.333b (management noted production timing benefit). Streaming subs were 17.9m total vs. our 17.4m estimate, and management noted 78% growth in subscription streaming revenue and Pluto TV ad revenue more than doubling. Ad revenue came in $104m better at -6% Y/Y vs. our -11% (TV Ent -1% aided by political, Media Nets -11% helped by Pluto), while affiliate revenue came in a full $96m ahead at +10% Y/Y vs. our +6%, with media nets returning to growth at +4% Y/Y and CBS retrans +25% Y/Y. Key will be 4Q trends from the call, further details on streaming strategy and prospects, NFL renewal discussion, content production ramp / costs and visibility for 2021.

Date of Production 06-Nov-2020 01:40:12 PM UTC Date of Dissemination: 06-Nov-2020 01:41:06 PM UTC

Please note that access to Credit Suisse research is secured for the exclusive use of our clients. We may require you to authenticate your access using a simple, direct email process. Click here to learn more.

Document Link


Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Credit Suisse disclosure information, please visit the website or call +1(877) 291-2683. Click here for additional important disclaimers. Click here for global research disclaimer.

Click the social buttons to share this story with colleagues and friends.
The opinions expressed here are the author's views and do not necessarily represent the views of

Copyright ©2022 MediaVillage, Inc. All rights reserved. By using this site you agree to the Terms of Service and Privacy Policy.