Paramount Global CEO Bob Bakish decided to, in his words, “cross the line” and address a recent bid the company received for Showtime.
In an appearance at the Morgan Stanley Technology, Media and Telecom Conference, the exec said the company doesn’t typically comment on M&A.
But he acknowledged the unsolicited bid, which was in the range of $3 billion. “We’re always looking at ways to unlock value.
We’re stewards of shareholder value. If we see something accretive … we’re going to look at it,” Bakish said. After execs assessed the potential payday for the premium cable asset, Bakish said they determined that it wasn’t the best strategic option. “The reality is, it wasn’t that interesting to us because if you compare that price … to our internal business plan, the reality is, the internal plan is far more value-creating when you take the base earnings and the synergies and, by the way, how it affects the streaming path to profitability,” he said.
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