Analyst Note| Neil Macker, CFA |
ViacomCBS reported in-line second-quarter revenue, and EBITDA met FactSet consensus expectations. Top-line growth of 8% was driven by the rebound in advertising, the return of live sports, and continued streaming growth. The firm’s streaming platforms posted a strong quarter both in terms of new subscribers and monetization. ViacomCBS also announced a distribution deal with Sky to launch Paramount+ in 2022 in its Western European markets. We are maintaining our narrow moat rating and $61 fair value estimate.