After a steep CBS stock slide on
Monday -- following the executive changes at CBS -- the media company’s stock recovered somewhat at the end of the business day.
At its low, CBS stock dropped nearly 4% mid-day,
following news of longtime executive Les Moonves leaving the company after a new report of sexual misconduct that appeared in The New Yorker.
In addition, CBS announced it
was settling legal issues against majority shareholder National Amusements.
CBS also recovered somewhat when Mario Gabelli, chairman/CEO of Gabelli Funds, said on CNBC that now is the time to
buy CBS stock. CBS’ stock trimmed its losses at the stock market close, losing 1.5% to $55.20.
Year-to-date, CBS stock is down 6.4% and, year-over-year, it has fallen 7.1%.
Barton Crockett, media analyst on CNBC, believes CBS might be a target for acquisition.
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In a note, he wrote: “In our view, AT&T could double down on [Time Warner] and pursue
CBS (as a good fit for Time Warner that would pair broadcast and cable news). Verizon could reconsider CBS as a way to deepen its content presence and close a content gap with AT&T.”
He added: “Amazon, Apple, or Google could consider CBS as a way to get deeper in sports and vault into a leadership position in production of top tier TV content.”