Transcription

Cbs investor day presentation pdf

Cvs investor day presentation.ViacomCBS wants to be known as Paramount Global now, unveiling its name change and all-in commitment to streaming during an investor day Tuesday afternoon. Fan-favorite content franchises and further reboots and revivals of nostalgic fare are part of its game plan to go big in streaming, which Wall Street analysts started reviewing onWednesday. Key topics of their commentaries and reports were an increased streaming subscriber outlook and higher spending plans by management, led by CEO Bob Bakish, and what it all means for investors. Those reacted to the company’s presentation, which took place after Tuesday’s stock market close, by selling off its shares early onWednesday. They were down 17.6 percent 29.66, near their 52-week low of 28.29, in early trading. Bank of America Merrill Lynch analyst Jessica Reif Ehrlich downgraded her rating on the stock of Paramount/ViacomCBS from “buy” to “neutral” and cut her price target by 13 to 39, saying she was “heading to the sidelines” on the stock asincreased streaming content spending will impact the bottom line for the foreseeable future. “Not Mission: Impossible, but a tough road ahead,” she argued. “We commend management for taking a bold approach, but near-term headwinds will drive year-over-year declines in calendar year 2022 and 2023 operating income before depreciation andamortization,” Reif Ehrlich wrote. Meanwhile, Wells Fargo analyst Steven Cahall in the title of his report compared the investor day to a “Rorschach Test.” “Each investor may see something different when they look at ViacomCBS, soon to be Paramount,” he wrote overnight and maintained his “overweight” rating and 60 stock price target. “Bulls seethe direct-to-consumer execution and upgraded long-term targets. Bears see another estimate cut and not enough assets to climb to cruising altitude. We give credit to management for exceeding expectations, think subs will be very strong in ’22 and believe content creation always has value in a gold rush.” How should investors play the stock? “We’dbuy a dip to hold into 2023 when line-of-site on the earnings inflection arrives,” Cahall suggested. He also highlighted that it was “non-controversial to say that [the company’s stock] is under/lowly valued. The question is what gets its valuation to rerate? The answer is proving that it can: 1) hit the direct-to-consumer targets; 2) grow earnings by 2024;and 3) achieve some long-term stable margins. Nods to industry consolidation could factor in, but it’s mostly an execution story, which has been strong and overlooked amidst the recent focus on earnings.” Meanwhile, Guggenheim analyst Michael Morris wrote in his report: “Management delivered a detailed content presentation that included arebranding announcement and much anticipated lifted streaming subscriber guidance” to more than 100 million by 2024 from 65-75 million previously. That will mean higher expenses to feed the growth with more content though. “Subscriber pursuit will come at a higher net investment in 2022 and 2023, with our revised adjusted operating incomebefore depreciation and amortization forecast of 3.74 billion and 3.28 billion, below our prior 4.63 billion and 4.66 billion,” Morris explained. “We are optimistic about Paramount’s long-term growth potential, with the 2024 streaming revenue forecast of 9 billion showing leverage over the guided 6 billion of content investment.” TheGuggenheim analyst projects “a smaller total streaming loss in 2024 compared to 2023,” with the company “nearing profitability in 2025.” Overall, Morris maintained his “buy” rating on the entertainment conglomerate, but cut his price target by 13 to 40, reflecting “the greater near-term investment than previously forecast.” Daniel Salmon,analyst at BMO Capital Markets, had similarly mixed feelings. “Streaming Is More Paramount, but Catalyst Path Remains Unclear,” argued the title of his report, which lauded “a greater commitment” to streaming. His takeaway: “We think this strategic clarity will ultimately help build long-term value, but we look to gain more conviction in potentialupside to near-term expectations and clarity on catalysts over the next 12 months, as investment remains the primary theme.” Salmon has a “market perform” rating and 38 price target on the stock. Meanwhile, Cowen’s Doug Creutz, who has a “market perform” rating on the stock with a 38 price target, was bullish on the company’s name change,but highlighted “continued direct-to-consumer losses into at least 2024” and “no definite timeline” for streaming profitability. “New name, same questions,” he concluded in the title of his report. “Paramount has set itself a course to compete toe-to-toe with larger and better financed companies with (in at least some cases) more powerful IPportfolios,” he summarized the key challenge. “We think the margin for error in this endeavor is very slim, given that the end goal is not just significant revenue growth, but sustainable profitability.” But Creutz did give management high marks for the new name. “We do like the new name,” he noted. “We lobbied for a Paramount-focused name twoyears ago when the Viacom-CBS merger was announced, and think the new moniker is a significant improvement.” And he emphasized that “we also appreciate the expanded disclosures, which break out the full profit and loss for the direct-to-consumer businesses, as well as specific audience and revenue metrics for Paramount and Pluto TV.”Paramount ViacomCBS unveiled a slew of new news Tuesday during an investor day presentation that followed the release of the company’s fourth-quarter earnings. The event, which featured executives including Shari Redstone and Bob Bakish, kicked off with the news of a rebrand of ViacomCBS to Paramount Global, with the newly monikeredcompany’s shares to trade on the Nasdaq as PARAA (Class A common), PARA (Class B common) and PARAP (Preferred Stock) beginning Thursday. The name change dovetailed into programming news mostly surrounding the bolstering of the company’s flagship streaming service Paramount , including that it will integrate its sibling Showtime into astreaming bundle; become the streaming home for all new Paramount Pictures movies in the U.S. following their theatrical runs beginning in 2024; and that it will expand further overseas via a new partnership with Canal Group in France, putting it in more than 60 markets across the UK, Latin America, Canada, Australia, South Korea, theCaribbean and all major European markets in Europe by the end of this year. Bakish said that the push is allowing the company to target more than 100 million subscribers overall and 9 billion in direct-to-consumer revenue by 2024. Here’s a list of the new programming revealed today, per Paramount: MOVIES A Quiet Place Part III: The thirdinstallment, from John Krasinski, is confirmed for theatrical debut in 2025. Sonic the Hedgehog: The first-ever original live-action Sonic series, featuring the character Knuckles, voiced by Idris Elba, is in development to debut on Paramount , setting up the third film installment in the flagship film franchise. SpongeBob SquarePants: A furtherexpansion of the SpongeBob universe is coming exclusively to Paramount with three brand-new movies based on the show’s original characters, with the first dropping in 2023. In addition, a fourth SpongeBob release from Nickelodeon Animation is currently in development for theatrical release. SEAL Team: CBS will expand the storytelling universefor the Paramount drama SEAL Team, producing a stand-alone movie for the streaming service. Star Trek: The next theatrical film, with Matt Shakman directing and J.J. Abrams producing, will feature the original cast and new characters. Teen Wolf: The first-ever original production from MTV Entertainment Studios and MGM’s Orion Television,Paramount will reunite the original Teen Wolf cast for an exclusive full-length movie. Tyler Posey, Holland Roden, Shelley Hennig and Crystal Reed are set to reprise their iconic alongside Orny Adams, Linden Ashby, JR Bourne, Seth Gilliam, Colton Haynes, Ryan Kelley, Melissa Ponzio and Dylan Sprayberry. Additional names to be announced.Teenage Mutant Ninja Turtles: A new era of TMNT-mania takes over in 2023 with a new animated take on the Turtles coming to theaters, produced by Point Grey Pictures’ Seth Rogen and Evan Goldberg and directed by Jeff Rowe. Nickelodeon Animation will fast follow that film with a series of exclusive movies for Paramount beginning in 2023,each centering on one of the property’s storied villains in never-before-told tales. Transformers: The next chapter begins with Transformers: Rise of the Beasts in 2023, where director Steven Caple Jr. and star Anthony Ramos will lead the first of three film installments of the iconic Hasbro property. Additionally, the previously announced UntitledAnimated Transformers film, a Paramount/eOne co-production with Josh Cooley attached to direct, will debut in theaters on July 19, 2024. KIDS AND FAMILY Blue’s Big City Adventure: The now-announced animation/live-action hybrid title to this brand-new Blue’s Clues & You! movie from Nickelodeon Animation is set to premiere later this year andfollows host Josh and Blue as they head to New York City, with the help of Steve and Joe, to audition for a big Broadway musical. Dora the Explorer: The preschool return of the groundbreaking Latina heroine in an all-new CG-animated series produced by Nickelodeon Animation, and featuring the beloved characters, plus key modernization to thestorytelling, debuts in 2023. Also now development from Nickelodeon is the first-ever live-action Dora the Explorer series, inspired by the tone of Paramount Pictures’ 2019 Dora and the Lost City of Gold theatrical release, with this new version for Paramount targeting the tween demo. ADULT ANIMATION Beavis and Butt-Head: The duo is back andstupider than ever in an all-new series premiering across Paramount globally. Alongside this fresh take, the full 200 episode Beavis and Butt-Head library and previously announced new film, Beavis and Butt-Head do the Universe, will also arrive on the service. South Park: The TV series will arrive on Paramount internationally as the exclusiveSVOD home later this year with over 300 episodes. Additionally, South Park will begin rolling out on Paramount globally as the new exclusive SVOD home starting with Season 27 in 2024, and the full library is headed to Paramount U.S. in 2025. GLOBAL UNSCRIPTED All Star Shore: A competition docuseries that will feature 14 of reality TV’smost iconic stars from around the world and television’s biggest series – including Jersey Shore Family Vacation, Love is Blind, RuPaul’s Drag Race, Geordie Shore, Acapulco Shore, Bachelor in Paradise and more – as they come together for an epic vacation at the ultimate Shore house in Gran Canaria, Spain, to battle it out for the grand prize andglobal bragging rights. Ink Master: The hit tattoo competition makes its premiere on Paramount in markets around the world with all-new episodes later this year. Featuring some of the nation’s top tattoo artists battling it out in permanent ink for 250,000 and the prized title of Ink Master, the competitors will test their technical skills and on-thespot creativity in challenges unlike ever before. The Challenge: War of the Worlds: Winners from four new Challenge series The Challenge: CBS (working title), The Challenge: Argentina, The Challenge: Australia and The Challenge: U.K. will advance to the first-ever globally connected tournament, The Challenge: War of the Worlds, and battle for thetitle of Challenge World Champion. The Real World Homecoming: New Orleans: The third installment of the hit original unscripted series will reunite original New Orleans cast members David “Tokyo” Broom, Melissa Howard, Jamie Murray, Danny Roberts, Matt Smith, Julie Stoffer and Kelley Wolf in “The Big Easy.” In addition, the original season ofThe Real World: New Orleans will be available to stream on Paramount beginning in April. The Shore: Seven upcoming iterations from the franchise will launch on Paramount in territories around the globe, including Argentina Shore, Colombia Shore and Australian Shore, with more cities to be announced. The following reality series have beenrenewed on Paramount : Queen of the Universe, RuPaul’s Drag Race All Stars and The Challenge: All Stars. Internationally, Acapulco Shore, Geordie Shore: Return of the OGs and Rio Shore have also been renewed. GLOBAL SCRIPTED 1932: The next chapter of the Yellowstone origin story is ordered. Produced by MTV Entertainment Studios and101 Studios, 1932 will follow a new generation of Duttons during the time of Western expansion, Prohibition and the Great Depression. Land Man: Billy Bob Thornton has been tapped to lead the upcoming series as a crisis manager for an oil company. Land Man will be executive produced by Taylor Sheridan and David C. Glasser, Ron Burkle, BobYari, David Hutkin and Geyer Kosinski. The series will also be executive produced by Dan Friedkin, Jason Hoch, Scott Brown, and Megan Creydt. Lioness: Zoe Saldaña will play ‘Joe,’ a strong-willed, hard-nosed, station chief of the CIA’s Lioness Program, and the show will be executive produced by Taylor Sheridan, David C. Glasser, Ron Burkle, BobYari and David Hutkin. Tom Brady will also serve as executive producer and showrunner. Nicole Kidman, with her production company Blossom Films, Zoe Saldaña, Geyer Kosinski, and Jill Wagner are also set to executive produce. Tulsa King: Previously announced as Kansas City and starring Sylvester Stallone, production begins March 2022 and theseries will premiere this fall. NCIS: Sydney: A new original series from one of the biggest and most successful global franchises. The series, which is slated for 2023, will feature local stories with Australian actors and producers, and will be filmed in one of the world’s most scenic harbor cities. Shane Brennan, the Aussie creator of NCIS: Los Angeles,is attached. A Gentleman in Moscow (UK): Based on the bestselling novel by Amor Towles, this drama series tells the story of Count Rostov who, in 1922, finds himself stuck in Moscow and on the wrong side of history. The Communist Party agrees to let him live but he is never allowed to set foot outside the Metropole Hotel until the day he dies. Coproduced by ViacomCBS International Studios (VIS) and eOne. Sexy Beast (UK): The prequel series, based on the hit cult classic film of the same name, begins with Gal Dove and Don Logan just as they descend into the seductive madness of the London criminal world during the vibrant and volatile 1990s. At its core, this is a love story between twomen — à la Butch Cassidy and the Sundance Kid. In association with VIS, produced by Chapter One, with showrunner Michael Caleo (The Sopranos). Simon Beckett’s The Chemistry of Death (Germany): A thrilling, psychological crime series based on Simon Beckett’s bestselling novels following forensic anthropologist Dr. David Hunter. Written byBAFTA-winning screenwriter Sukey Venables Fisher (Electricity, Unconditional) and directed by Richard R. Clark (War of the Worlds, Versailles, Outlander), the series will be shot in the UK. Producing partners are Nadcon Film and Cuba Pictures, in association with VIS. Yonder (South Korea): Sset in 2032, Yonder is an unknown space designed forthe dead to be able to live on by uploading memories of their lifetime from their brain. The story unfolds as a man receives a message from his deceased wife, inviting him to the unknown space, ‘Yonder’. The drama/science-fiction series raises questions about life and death and what it means to have eternal happiness as humanity comes face to facewith a world created by advancements in science technology. Presented by TVING (CJ ENM’s streaming platform) and ViacomCBS, produced by Doodoong Pictures and CJ ENM, directed by Lee Joon-ik. Renewals were announced for Season 2 of Halo, and international hits Cecilia and Los Enviados (The Envoys). Season 2 of Super Pumped and Season7 of Billions for Showtime were also ordered. Subscribe to Deadline Breaking News Alerts and keep your inbox happy.

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storytelling, debuts in 2023. Also now development from Nickelodeon is the first-ever live-action Dora the Explorer series, inspired by the tone of Paramount Pictures' 2019 Dora and the Lost City of Gold theatrical release, with this new version for Paramount targeting the tween demo. ADULT ANIMATION Beavis and Butt-Head: The duo is back and