Why ViacomCBS Might Still Be Too Small

”Relative to Disney or Comcast, it still looks like a pimple,“ says media analyst Rich Greenfield

CBS and Viacom’s long-awaited merger into ViacomCBS will create more opportunities for streaming and let it compete better in a post-cable world — but it’s still too small, some analysts say.

The new company will boast a combined $28 billion in annual revenue. That sounds like a lot, but compare that to Disney, which earned $59.4 billion last year — and that’s before Disney fully integrates 20th Century Fox. Disney’s business is more diversified — including some of the world’s most popular theme parks — and its shares trade at a much higher multiple, but the comparison demonstrates where ViacomCBS stands among its peers.

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Trey Williams

Film Reporter covering the biz • trey.williams@thewrap.com • Twitter: @trey3williams