Brett Harriss is a research analyst with Gabelli & Company covering Media - Entertainment.
The Research Analyst in this public appearance certifies that the views expressed in this video accurately reflect his/her
personal views about the subject companies and their securities. The Research Analyst has not been, is not and will not be
receiving direct or indirect compensation for expressing the specific recommendation or view in this video.
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industry dynamics for institutional investors.
Our research reports generally contain a recommendation of "buy," "hold," "sell" or "non-rated." We do not undertake to
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3% and 15% have a recommendation of buy, hold, sell or non-rated, respectively. The percentage of companies so rated for
which we provided investment banking services within the past 12 months is 0%, 0%, 0% and less than 1%.
Ratings - Analysts' ratings are largely (but not always) determined by our "private market value," or PMV methodology. Our
basic goal is to understand in absolute terms what a rational, strategic buyer would pay for an asset in an open, arms-length
transaction. At the same time, analysts also look for underlying catalysts that could encourage those private market values to
rated stock is one that in our view is trading at a meaningful discount to our estimated PMV. We could expect a more
modest private market value to increase at an accelerated pace, the discount of the public stock price to PMV to narrow
through the emergence of a catalyst, or some combination of the two to occur.
is a stock that may be trading at or near our estimated private market value. We may not anticipate a large increase in
the PMV, or see some other factors at work.
is a stock that may be trading at or above our estimated PMV. There may be little upside to the value, or limited
opportunity to realize the value. Economic or sector risk could also be increasing.
We prepared this video as a matter of general information. We do not intend for the video to be a complete description of any
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Unless otherwise noted, all stock prices reflect the closing price on the business day immediately prior to the date of this video.
We do not use "price targets" predicting future stock performance. We do refer to "private market value" or PMV, which is
the price that we believe an informed buyer would pay to acquire 100% of a company. There is no assurance that there are any
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the subject company in the previous 12 months.
As of August 31, 2016 our affiliates beneficially own on behalf of their investment advisory clients or otherwise 9.52% of CBS
Class B and less than 1% of any class of common equity securities of CBS Class A and 10.30% of Viacom Class A and less than 1%
of Viacom Class B.
The analyst, who prepared this video, or members of his household, has no financial interest in equity or debt securities of the
in video mentioned companies.
One of our affiliates serves as an investment advisor to CBS Corporation or an affiliated entity and has received compensation
within the past twelve months for these non-investment banking securities-related services.
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