CBS' CEO Moonves says Viacom undervalued
CBS Corp (CBS.N) Chief Executive Leslie Moonves said in response to a shareholder question on Friday that he believed shares of Viacom Inc (VIAB.O), which the network considered merging with last year, were undervalued. Asked at the annual CBS shareholder meeting in New York if it would revisit a merger with Viacom, Lawrence Tu, senior executive vice president and chief legal officer, said CBS was focusing on its current strategy that includes diversifying its revenue stream. Shares of Viacom rose $1.22, or 3.6 percent, to $35.20 late Friday afternoon.
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