'Mission: Impossible,' 'Transformers' and 'Star Trek' franchises would be under the same roof in a merged company.
Importantly, CBS brings its top-notch TV production business CBS Television Studios, led by president David Stapf, to the table. It is part of CBS Corp.'s entertainment unit, which also includes the financials for the CBS network and more. "Notably, both CBS and Viacom have become providers of content to streaming players," Fitch's Cucinello highlighted in a recent report.
Wall Street analysts see a series of other synergies in the combined studio operations. For example, the Paramount studio "could benefit from an influx of CBS' intellectual property," such as And "Showtime would be able to lock up Paramount’s pay 1 film rights," said Michael Nathanson, analyst at MoffettNathanson, who called Paramount’s film library "valuable.
Importantly, the combined TV production business looks to be a key growth driver for the combined company. "CBS arguably has the strongest TV production/syndication pipeline in the industry," CFRA Research analyst Tuna Amobi tells Mitchelson estimates the combined CBS-Viacom TV studio operations would bring in 2019 revenue of $4.47 billion, with EBITDA of $960 million.
Bakish on the company’s recent earnings call highlighted the growth in Paramount's TV studio. "Paramount TV now has 26 shows ordered or in production, including the sequel series to TNT's for Apple and two series for Warner Media's upcoming streaming service, among others. And production continues to ramp up at our other studios too."
The focus was similar on CBS' earnings call. "CBS is now producing 89 shows up from 70 shows just a year ago," CBS acting CEO Joe Ianniello said at the time. "That's a 27 percent increase. As we create more and more content, we are monetizing its value using a two-pronged approach. The first approach is to produce more shows for our own platforms."
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