Trading media stocks on CBS changes

Viacom and CBS shares jumped Wednesday on leadership changes, and some "Fast Money" traders believe the stocks could have more room to climb.

CBS named CEO Leslie Moonves its chairman, replacing the 92-year-old Sumner Redstone. Viacom's board could follow suit and replace Redstone as chairman on Thursday, sources told CNBC.

Viacom and CBS shares rose 10 and 4 percent, respectively, in after-hours trading. Both stocks have lagged peers in the media space like Walt Disney in the last year.

"I think there may be some room for them to close the gap," said trader Tim Seymour.

Sumner Redstone in 2012
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Sumner Redstone in 2012

Trader Pete Najarian added that he would not chase Viacom on a gain, but called it "inexpensive" compared with the sector.

Media companies 21st Century Fox, Time Warner and Disney report quarterly earnings next week. Trader Dan Nathan expects that some of their stocks could fall after results.

He likes shares of both Time Warner and Disney after potential weakness.

Disclosures:

Tim Seymour

Tim Seymour is long AAPL, BAC, DO, F, FCX, GM, GOOGL, INTC, JCP, NKE, SINA, T, TWTR, VZ, XOM. Tim's firm is long BABA, BIDU, IWM, KO, PEP, SAVE, SBUX, VALE, WMT,YHOO, short HYG, IWM.

Pete Najarian

Long AAPL, BAC, BKE, BMY, BP, DIS, DISCA, FOXA, GE, KMI, KO, MRK, PEP, PFE, he is long calls AA, AAL, BX, CHS, DAL, EEM, GDX, GE, GILD, HAIN, LC, MSFT, MTG, NRF, SLV, SWN, UAL, WEN, WMB, WYNN, YDKN, he is long puts DB, FCX, MRO, WFC

Dan Nathan

Dan is long WMT Feb put spread, long PFE buy-write, long TWTR, long TLT Apr call spread, long XLP put spread, long XOM Feb put spread. Long UUP March calls Long HD Feb Put Spread

Brian Kelly

Brian Kelly is long BBRY, Bitcoin, GDX, GLD, SLV, TLT, US Dollar; he is short Aussie Dollar, British Pound, CS, DB, EWH, Hong Kong Dollar, UBS, SPY, Yuan.