Three days after the long-awaited merger of CBS and Viacom closed, the combined company has decided to sell off the fabled headquarters building of CBS known as “Black Rock.” Bob Bakish…
, confirmed the company is proceeding with the divestiture during an appearance at the UBS TMT Conference in New York. He offered the update when asked by UBS analyst John Hodulik about any further M&A moves investors could anticipate.
“There’s a lot of noise about this,” Bakish said. “We don’t see any asset that we have to own. Will we look? Of course we’ll look.” In addition to buying back its shares and offering a dividend to shareholders, the company is looking to unload “non-core assets — real estate, other forms of assets,” Bakish said. “Black Rock is not an asset we need to own and we believe that money would be put to better use elsewhere.
Viacom’s corporate headquarters is just a few blocks away from Black Rock, at 44th Street and Broadway, in the heart of Times Square. A significant amount of the $500 million in cost savings the company has projected will come by reducing overlap in the administrative and back-office areas of the combined entity. No numbers have emerged in terms of positions that could be affected, but the new company could likely get by with less office space in pricey Midtown Manhattan.
CBS employees occupy only a few floors of Black Rock, making it unlikely the company would explore a lease-back situation, as WarnerMedia did with its headquarters in Hudson Yards as parent AT&T looked to offload real estate.
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