ViacomCBS is hoping to sell off Simon & Schuster, its Black Rock Headquarters in New York as well as close a $375 million stake deal in Miramax
The novel coronavirus is not only expected to cause a recession and wreak havoc on entertainment industry earnings, the pandemic has also had an impact on mergers and acquisitions, with several planned asset sales in the sector delayed amid the crisis.
"I would surmise that this unfolding public health crisis appears to have all the ingredients of a very inconducive environment for M&A transactions," Tuna Amobi, analyst at CFRA Research, tells . Former industry analyst and Vogel Capital Management CEO Hal Vogel, adds, "No one is processing this until things stabilize a bit." the sales process for CBS headquarters Black Rock in New York, citing the pandemic.
One banker said though that ViacomCBS' balance sheet was solid enough that it could hold on to Black Rock if it doesn't get a sales price it is happy with and consider another auction of the iconic midtown Manhattan building down the line. to sell book publisher Simon & Schuster, but CEO Bob Bakish signaled that the process would only kick into high gear after things settle down in terms of the pandemic.
The company had planned to close the deal by the end of the first quarter, meaning Tuesday. One source familiar with the situation tells that the companies were on track to close the deal, but timing was slightly delayed, meaning a likely deal close within days. ViacomCBS didn't comment.
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