By Jill Goldsmith ViacomCBS could see a $350 million hit this quarter on the cancellation of the Men’s NCAA Basketball Tournament, says one media analyst.
David Miller from Imperial Capital has cut earnings forecasts for the company and his price target for the stock, which is down 16% Wednesday.
The NCAA on March 13 cancelled this year’s NCAA Men’s Basketball tournament due to the COVID-19 outbreak after professional sports leagues from the NHL, NBA, and MLB shuttered seasons and multiple Power 5 conferences, including the Big Ten, the ACC, the SEC and the Pac-12, all decided to cancel their respective conference tournaments, which in many ways, determines seeding for the NCAA tournament.
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