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Technology Stocks : Viacom, Class B( VIAB ) - The New Viacom -- Ignore unavailable to you. Want to Upgrade?

To: MGV who wrote (32)	5/19/2000 7:36:00 PM
From: MGV	Respond to of 56

04:53pm EDT 18-May-00 Goldman Sachs (NEWYORK) VIAB.EB ACTION VIA VIA.N Goldman, Sachs & Co. Investment Research Viacom - CBS Upfront Should Drive Strong Ad Sales ; RL ====================== NOTE 4:32 PM May 18, 2000 ====================== 4. Viacom Inc. (VIA__B) $59.88 Viacom - CBS Upfront Should Drive Strong Ad Sales ; RL EPS (FY Dec): 2000E US$, 2001E US$ - Recommended List * The CBS upfront meeting was the best-attended in years, highlighting significant advertising demand. The fall schedule includes just 7 new programs, providing stability but also the potential for a new hit or two. Network television is the healthiest it has been in years, with the large networks in aggregate showing the first increase in audience in 6 years, and that will likely be psychologically important for upfront advertising demand. We continue to recommend the purchase of VIAB shares, with a price target of $73. * Although this upfront meeting was an opportunity for the CBS network to showcase and sell it's fall lineup to advertisers (with UPN slated to do the same today), CBS Television CEO Les Moonves began the presentation highlighting the wide array of Viacom assets, noting that it was the company's goal of making an advertising buy with the company far more effective for those in the audience - advertisers. Mr. Moonves went on to discuss ways the combined company's assets could work together, including using MTV and VH-1 to promote CBS's music specials, and to launch Nick Jr-branded children's programming on CBS on Saturday mornings. Although this upfront focused on just selling advertising for the CBS network, there may be opportunities in the future to offer a wider array of advertising solutions through this selling process, which could drive even stronger revenue growth than we are already currently forecasting. (C) Copyright Goldman, Sachs & Co.