ViacomCBS and Twitter announce digital content partnership
MThe international mass media and entertainment conglomerate ViacomCBS Inc. (VIAC) recently revealed that it has entered into a multi-year global deal with leading microblogging and social networking service Twitter. Financial terms of the deal have not yet been disclosed.
Following the news, the company’s shares fell slightly on Wednesday. The stock, however, trimmed its losses slightly to close at $ 35.45 during the extended trading session.
Implications of the agreement
The deal will allow Twitter to deliver digital content from ViacomCBS’s biggest live events, blockbuster shows and iconic franchises across the company’s portfolio of entertainment, news and sports brands.
Notably, ViacomCBS will also have access to Twitter’s wide range of marketing features, live video and real-time highlights at Twitter Moments.
Andrea Wolinetz, Senior Vice President of Streaming Distribution and Business Development at ViacomCBS, said: “We are delighted to extend our long-standing relationship with Twitter as part of this expansive global agreement that brings together the entire ViacomCBS portfolio and amplifies the scale and scope of our valuable partnership. Twitter is the digital water cooler for hot topics and fans around the world, and we’re excited to provide frontline access to innovative digital content experiences and culturally defining moments at through the best in entertainment, news and sports for Twitter users everywhere. “
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Recently, Rosenblatt Securities analyst Mark Zgutowicz reiterated a holding rating on the stock with a price target of $ 42, implying a potential upside of 18.7% from current levels.
The Wall Street community is cautiously bullish on the stock and has a moderate buy consensus based on 5 buy, 5 take and 1 sell. ViacomCBS’s average price target of $ 49.45 implies that the stock has potential up 39.7% from current levels.
ViacomCBS is rated 7 out of 10 according to TipRanks’ Smart Score rating system, indicating that the stock is likely to perform according to market expectations. Stocks have gained 17.2% in the past year.
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