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  "docId": "019dd923-622b-71dc-a6dc-6f41ca4b5e6c",
  "docSlug": "3544dfcc3316",
  "documentTitle": "Viacom (VIAB)",
  "authorId": "18_SpringOwl",
  "authorName": "Eric Jackson",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2016-01-13 00:00:00",
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  "pageNumber": 20,
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  "density": "dense",
  "nDataPoints": 10,
  "notes": "The slide uses a comparative valuation approach to justify potential share price increases.",
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      "kind": "callout",
      "text": "The Potential Rerating for “Good” Viacom Management Could be $13.2B in Market Cap or Approximately $38/Share",
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      "text": "New CEO: The Difference Between Viacom and CBS is The Difference Between Good and Bad Management With the Same Controlling Shareholder in Place. Viacom’s EV/EBITDA Multiple is 6.8x vs. CBS' of 10.0x. The Potential Rerating for “Good” Viacom Management Could be $13.2B in Market Cap or Approximately $38/Share",
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      "text": "Operating Expense Reduction: Viacom’s Selling, General and Administrative (SG&A) Expenses as a % of Their Revenues are Still Significantly Higher Than Peers Like Time Warner, CBS And Disney (21% Vs. 16%). Bringing These In Line With Peers Would Represent an Additional $400m in Annualized Expense Savings, Most of Which Would Drop to EBITDA. Applying a CBS 10.0x Multiple to That Represents Potential Additional Market Cap of $4B or $11.50/Share",
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      "text": "New Chair: The Difference Between CBS and an average of Disney and Time Warner is the Difference Between Companies With and Without a Controlling Shareholder. CBS' EV/EBITDA Multiple is 10.0x vs. a Disney/Time Warner average of 9.7x. The Potential Rerating for Removing the Controlling Shareholder as Chair – Applied to Viacom’s EBITDA Stream Could be an Additional $2.5B in Market Cap or Approximately $7/Share",
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      "text": "Market Cap: $13.2B",
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      "text": "Source: SpringOwl Asset Management LLC",
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      "kind": "title",
      "text": "Key Drivers To Unlocking Value In Viacom’s Share Price",
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