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20Confidential | For Discussion Purposes SpringOwl's 99 Page Presentation On Turning Around Viacom

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20Confidential | For Discussion Purposes Only |
New Chair
 The Difference Between CBS and an average of Disney and Time Warner is the Difference Between Companies
With and Without a Controlling Shareholder
 CBS’ EV/EBITDA Multiple is 10.0x vs. a Disney/Time Warner average of 9.7x
 The Potential Rerating for Removing the Controlling Shareholder as Chair – Applied to Viacom’s EBITDA Stream
Could be an Additional $2.5B in Market Cap or Approximately $7/Share
New CEO
 The Difference Between Viacom and CBS is The Difference Between Good and Bad Management With the Same
Controlling Shareholder in Place
 Viacom’s EV/EBITDA Multiple is 6.8x vs. CBS’ of 10.0x
 The Potential Rerating for “Good” Viacom Management Could be $13.2B in Market Cap or Approximately
$38/Share
Operating Expense Reduction
 Viacom’s Selling, General and Administrative (SG&A) Expenses as a % of Their Revenues are Still Significantly
Higher Than Peers Like Time Warner, CBS And Disney (21% Vs. 16%)
 Bringing These In Line With Peers Would Represent an Additional $400m in Annualized Expense Savings, Most of
Which Would Drop to EBITDA
 Applying a CBS 10.0x Multiple to That Represents Potential Additional Market Cap of $4B or $11.50/Share
Source: SpringOwl Asset Management LLC
Key Drivers To Unlocking Value
In Viacom’s Share Price
20

Published in: Business
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