Viacom: Trying To Morph Marketing and Monetization Despite uncertainty surrounding looming DISH renewal, ratings declines and a temporary slowdown in the pace of capital returns, we believe VIAB's multiple compression is overdone given overall visibility in affiliate fee revenues, cost savings from restructurings and our own view of the Network TV Ad market. At ~10.3x (versus peers at 15.4x) on CY16, we believe valuation remains compelling.
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