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24Confidential | For Discussion Purposes SpringOwl's 99 Page Presentation On Turning Around Viacom

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24Confidential | For Discussion Purposes Only |Note: As of January 2016
Source: SpringOwl Asset Management LLC
24
Notes On Sum Of The Parts Valuation Method
1. Two days after Jefferies report of 9/15/15, Altice announced its purchase of CVC. Altrice, the owner of Suddenlik, did
not extend its VIAB agreement significantly which increases the risk of CVC not renewing its VIAB agreement,
Jefferies itemizes the financial impact of a loss of DISH distribution of VIAB networks. DISH is under extensive
pricing pressures and we include a probability of a loss of the DISH network.
2. Assuming under different sale scenarios that corporate overhead would reduce from 100% down to 50%
3. Assume any sale of a division or whole company would be to a public company in which VIAB would take stock
without incurring tax
4. More information is needed on Studio and International Ventures to make a real assessment
Notes:
Risks:
1. A strategic sale of the Control Stock only. A strategic buyer would purchase Sumner’s control stock at a premium to
gain control of VIAB; without buying nay minority shares

Published in: Business
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