Leading entertainment company, ViacomCBS Inc. (VIAC, Financial) was also a top contributor in the quarter. Shares are benefitting from solid earnings results driven by revenue growth across advertising, content licensing and further momentum in the company's streaming initiatives. While we recognize cord - cutting impacts fundamentals, we believe premium video content is the most valuable part of the media ecosystem. Based on our sum of the parts analysis, VIAC is currently trading 33% below our estimate of private market value. At today's valuation, we continue to believe VIAC's risk/reward is skewed to the upside.
From John Rogers (Trades, Portfolio)' Ariel Focus Fund third-quarter 2020 commentary.
