Mogul Diller says ViacomCBS, Comcast don’t need deals to succeed
Reuters
Published Jun 10, 2021 03:45PM ET
By Helen Coster
(Reuters) - ViacomCBS (NASDAQ:VIAC) Inc and Comcast Corp (NASDAQ:CMCSA) can succeed without acquiring other businesses, IAC Chairman Barry Diller said during a Reuters Newsmaker event Thursday.
The media and Internet mogul, who helped found Fox Broadcasting Company, described competing with Netflix (NASDAQ:NFLX), which would require significant investment, a "fool's errand" at this point. “But can you do very well for yourself and for your shareholders if you simply have good ideas, execute them well?" he said. "There will be buyers, there will be an audience for those things. Absolutely.”
Diller’s comments came as media experts expect a fresh round of mergers following the recently announced deal between Discovery (NASDAQ:DISCA) Inc and AT&T (NYSE:T), which will create a new company that combines Discovery and WarnerMedia assets. Soon after Discovery and AT&T revealed their plans for the proposed new company, Warner Brothers Discovery, Amazon.com Inc (NASDAQ:AMZN) announced it will buy U.S. movie studio MGM.
Although conglomerate IAC is not currently weighted heavily toward media - with investments that include MGM Resorts (NYSE:MGM) International and Care.com - Diller has a long history in the sector. He described Comcast as being in a “fantastic position” with a cable and broadband business that hedges against NBCUniversal. “I don’t think they have to do anything,” he said of whether Comcast needs to spin off a business or get bigger.
The Internet and media mogul brushed off concerns about Netflix’s debt burden. “Unless they do something just remarkably stupid, just declare them a winner and go home,” Diller said, speculating that subscriber revenue will eventually line up with production costs, delivering a “very nice return for investors.”
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.