Redstone Tells CNBC: Viacom, CBS Better Off After Being Split
Viacom and CBS shareholders are better off since the company split a year and a half ago, Sumner Redstone told CNBC's Maria Bartiromo.
"I would do it again and over and over again and shareholders are definitely better," said Redstone, who remains executive chairman of both companies. "Today, we have two nimble, focused companies, each concerned with their own challenges, with their own opportunities, and not distracted by the challenges and the opportunities of the other."
Here is more from that interview.
Besides talking about the Viacom/CBS split, Redstone discusses the different paths both companies are taking. "Viacom is a niche programmer with, you know, great programming like MTV, VH1, you know, Comedy Central, Spike...But CBS is a broadcaster, broadcasts to big audiences."
Redstone talks about the difference between traditional and digital media. "As digital grows, the world will expand," he said. "It will not cannibalize linear programming. And that's our view. And history will demonstrate that. Every time there's been a new technology, the world caught up, it didn't destroy the old."
Redstone says he's not interested in making a bid for Dow Jones because "the news business is not a growing business." But he sees growth in his companies. " CBS is, like Viacom, committed to enhancing the value of shareholders. I don't think there's any company in the world that works harder than Viacom and CBS to do what's right for their shareholders. That's always on our minds."
Redstone talks about his frequent travels to China and his expanding business there." We have--in China, you will see MTV and Nickelodeon in millions of homes. No other company can say that. You'll only see the other brands in hotels or compounds. That's because I've spent so much time developing these relationships."