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<keyword id="12760343" type="General" weightage="20" keywordseo="National-Highways-Infra-Trust" source="Orion">National Highways Infra Trust</keyword> (<keyword id="49448" type="General" weightage="20" keywordseo="NHAI" source="Orion">NHAI</keyword> InvIT), the infrastructure investment trust sponsored by <keyword id="83263" type="General" weightage="20" keywordseo="National-Highway-Authority-of-India" source="Orion">National Highway Authority of India</keyword> (NHAI) to support the Central government's <keyword id="11929270" type="General" weightage="20" keywordseo="National-Monetization-Pipeline" source="Orion">National Monetization Pipeline</keyword>, has raised a sum of ₹1,430 crore from domestic and international investors through placement of its units, for part funding its acquisition of three additional road projects from NHAI.<br /><br />The placement of units with institutional investors, witnessed strong demand from both existing investors, who reposed their commitment by participating in the process, as well as new investors.<br /><br />The units have been subscribed by a gamut of institutional investors including Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan Board, State Bank of India, SBI Pension Fund, SBI Mutual Fund, IOCL Employee Provident Fund, L&amp;T Staff Provident Fund, Rajasthan Rajya Vidyut Karamchari Pension Fund, TATA AIG and <keyword id="5050251" type="General" weightage="80" keywordseo="star-union-daiichi-life-insurance" source="Orion">Star Union Daiichi Life Insurance</keyword>. NHAI subscribed to the units through preferential allotment to maintain its unitholding of at least 15 per cent.<br /><br />The units were subscribed through a book build process at Rs 109 per unit, at a premium over floor price of Rs 107.12 per unit.<br /><br />In addition to the above, NHAI InvIT has also filed a prospectus with SEBI for issuance of Non-Convertible Debentures (NCDs) to raise Rs 1,500 crore.<br /><br />The NCDs would carry a coupon of 7.90 per cent payable semi-annually and would be available for subscription by both retail and institutional investors.<br /><br /><strong>SEE ALSO:<br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/recession-fears-mount-as-uk-gdp-falls-0-3-in-aug/articleshow/94823828.cms">Recession fears mount as UK GDP falls 0.3% in Aug</a><br /></strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-now-a-spam-factory-1-in-2-indian-swamped-with-promotional-messages-report/articleshow/94815568.cms"><strong>WhatsApp now a spam factory, 1 in 2 Indian swamped with promotional messages: report</strong></a>

NHAI InvIT raises ₹1,430 crore through follow-on issuance

<ul class="summary-list"><li>A string of <a href="https://www.businessinsider.com/scientists-risk-arrest-in-global-climate-protests-2022-4">climate protests</a> this year involved throwing food at famous pieces of art.</li><li>Activists say their actions are meant to halt the use of fossil fuels and call attention to the climate crisis.</li></ul><p>Young activists are taking an eye-catching tactic to demand action on climate change this year — <a href="https://www.insider.com/activists-throw-tomato-soup-van-gogh-painting-climate-protest-2022-10">hurling food</a> at famous pieces of art. </p><p>The activists say they're trying to stop an oil pipeline, limit fossil fuel use, and wake up the masses to the gravity of the climate crisis. </p><p>The wave of food-throwing climate protests prompted international outcry, with <a href="https://twitter.com/JamesCleverly/status/1581327788388163584?ref_src=twsrc%5Etfw">government officials</a> and art experts shunning the practice and <a href="https://news.artnet.com/art-world/icom-statement-museum-climate-action-vandalism-2207520">museums the world over</a> increasing security, according to <a href="https://www.wsj.com/articles/museum-food-throwing-protesters-11667829440">The Wall Street Journal</a>.</p><p>"What I've found is that these tactics are likely to be viewed as positive by people who already believe that climate change is a serious social problem," Dylan Bugden, a sociologist at Washington State University who studies global climate change protests, told Insider.</p><p>In Bugden's research, he's found disruptive and confrontational tactics aren't effective on people who are not already concerned about climate change. "While that speaks to the limitations of this form of protest, it is also evidence that these tactics are unlikely to backfire," Bugden said, adding, "These more extreme tactics tend to preach to the choir more than anything."</p><p>So far, no art has been harmed by this year's protests, which build the decades-long fight for a healthy planet, according to the <a href="https://www.epa.gov/environmentaljustice/environmental-justice-timeline">EPA</a>. The food protests, which have included smearing cake and tossing tomato soup on famous works of art, continue at a rapid clip.</p><h1><strong>Tomato soup on van Gogh's 'Sunflowers'</strong></h1><div type="image" title="Climate protesters hold a demonstration as they throw cans of tomato soup at Vincent van Gogh's Sunflowers at the National Gallery in London, United Kingdom on October 14, 2022." height="720" width="1280" msid="95624461" hostid="261" sizebytes="46334"></div><p>Protesters from UK group Just Stop Oil called for the government to halt any new fossil fuel projects and threw<a href="https://www.insider.com/activists-throw-tomato-soup-van-gogh-painting-climate-protest-2022-10"> cans of tomato soup</a> at Vincent van Gogh's "Sunflowers" in London's National Gallery in October. There was glass covering the painting.</p><p>"I recognize that it looks like a slightly ridiculous action," a protester who threw soup at the van Gogh painting said in an <a href="https://www.youtube.com/shorts/NYUqSv1ug5o">interview</a> with social media publisher JOE, after appearing in court. "But we're not asking the question, 'Should everyone be throwing soup on paintings?' What we're doing is getting the conversation going so that we can ask the questions that matter." </p><h1>Flour on a car Andy Warhol painted</h1><div type="image" title="Climate activists of the Last Generation throw flour on Andy Warhol's work, in Milan, Italy, November 18, 2022." height="2752" width="4128" msid="95624464" hostid="261" sizebytes="456242"></div><p>On November 18, protesters from the Last Generation in Milan threw flour over a car that was repainted by Andy Warhol in 1979, <a href="https://www.reuters.com/business/cop/flour-thrown-warhol-car-milan-climate-change-protest-2022-11-18/">Reuters</a> reported.</p><p>Last Generation, a self-proclaimed "Italian civil disobedience campaign," is calling for the Italian government to halt the use of fossil fuels and prioritize renewable energy, according to their <a href="https://www.ultima-generazione.com/en/chi-siamo">website</a>. </p><h1>Maple syrup on an Emily Carr painting</h1><p>On November 12, protesters with Stop Fracking Around, an anti-fracking group in Canada, poured maple syrup on Emily Carr's 1934 painting "Stumps and Sky" to protest a major oil pipeline, according to the <a href="https://news.artnet.com/art-world/climate-protesters-hurled-maple-syrup-on-an-emily-carr-2209586">art news website Artnet</a>. The painting was behind a protective glass frame.</p><p>"I think any amount of publicity we can get as an organization is worth it because the climate crisis is the most pressing crisis of our time," Emily Kelsall, one of the protesters, told <a href="https://www.cbc.ca/news/canada/british-columbia/emily-carr-painting-maple-syrup-climate-activism-vancouver-1.6650085">CBC News</a>. </p><h1>Cake smeared on a 16th-century masterpiece — the 'Mona Lisa' </h1><div type="image" title="Visitors take pictures and video of the painting &quot;Mona Lisa&quot; after cake was smeared on the protective glass at the Lourve Museum in Paris, France May 29, 2022." height="944" width="1259" msid="95624466" hostid="261" sizebytes="77022"></div><p>In May, a man disguised as an old woman smeared cake on <a href="https://www.insider.com/protester-smears-pastry-across-the-mona-lisa">Leonardo da Vinci's "Mona Lisa"</a> to call attention to the climate crisis. It's unclear if the man was affiliated with any activist organization.</p><p>"Think about the Earth. There are people who are destroying the Earth," the man told the crowd in French as he was escorted by security, according to <a href="https://www.cbsnews.com/news/mona-lisa-cake-climate-change-protest-louvre/">CBS News</a>. The painting remained unharmed behind bullet-proof glass.</p><p>"Think about it ... all artists, think about the Earth — this is why I did this. Think about the planet," he added.</p><h1><strong>Mashed potatoes on a Claude Monet painting</strong></h1><p>In October, German protesters from the Last Generation threw mashed potatoes at <a href="https://www.businessinsider.com/climate-activists-target-claude-monet-larry-fink-and-ted-cruz-2022-10">Claude Monet's painting "Grainstacks"</a> at the Barberini Museum in Potsdam, Germany. As Insider <a href="https://www.businessinsider.com/climate-activists-monet-haystacks-painting-mashed-potatoes-environment-germany-2022-10">previously reported</a>, the artwork was not damaged due to a protective glaze. </p><p>"We are in a climate catastrophe and all you are afraid of is tomato soup or mashed potatoes on a painting. You know what I'm afraid of? I'm afraid because science tells us that we won't be able to feed our families in 2050," one of the activists said, <a href="https://www.theguardian.com/environment/2022/oct/23/climate-activists-mashed-potato-monet-potsdam-germany">The Guardian</a>, reported. "Does it take mashed potatoes on a painting to make you listen?" </p>

Climate protesters are chucking food at priceless paintings. A social movements expert says these tactics only convince people who already think climate change is serious.

<p><div class="KonaFilter image-container float_right"><div class="image on-image"></div><p></p></div>In a session at this week's Facebook <a href="http://www.businessinsider.com/facebook-f8-live-blog-2015-3">F8 conference</a>, the social network gave the crowd the update on what to expect from Facebook Video in the coming year, including new tools that put more power in the hands of content creators.</p><p>The takeaway: Yeah, <a href="http://www.businessinsider.com/google-should-be-terrified-right-now-2015-3">Google should be worried</a>, but it's not there yet.</p><p>Facebook Product Management Director Fidji Simo gave some impressive stats for Facebook Video. The platform gets three billion video views a day, 65% of which are on mobile, and 53% of that traffic is driven by people sharing links on their news feed. </p><p>By way of comparison, YouTube passed 4 billion views per day <a href="http://www.reuters.com/article/2012/01/23/us-google-youtube-idUSTRE80M0TS20120123">back in 2012</a> and is probably significantly bigger than that now.</p><p><span style="line-height: 1.5em;">"We still have a lot to build," Simo admitted. </span></p><p><span style="line-height: 1.5em;">After Simo discussed Facebook's existing successes with video and video ads, Facebook Video Engineering Director Maher Saba took the microphone to explain some of the new tools and features coming to the platform. </span></p><p><span style="line-height: 1.5em;">First off, developers get access to a much-improved API, which is the technical pipeline for apps and publishers to bring videos directly to Facebook. </span></p><p><span style="line-height: 1.5em;">Without getting too bogged down in details, the new API lets publishers control when videos go up and come down, upload bigger videos, control which parts of the world can see which videos (in case you have east coast/west coast beef), queue up an inventory of videos without clogging up their own news feed, and see how many people are engaging with the videos. </span></p><p><span style="line-height: 1.5em;">"I'm an engineering guy, so I get excited by APIs," Saba says.</span></p><p><span style="line-height: 1.5em;">Publishers also get access to a new platform for managing their videos. For instance, the National Hockey League is using it to edit clips taken live streamed games and share them directly to their Facebook page, giving fans quick instant replays straight in Facebook. That comes in addition to better tools for seeing and managing all the better controls mentions above.</span></p><p><span style="line-height: 1.5em;">Last, but definitely not least, is the embedded Facebook Video player that was so integral to this morning's keynote.</span></p><p><span style="line-height: 1.5em;">"Let's just say I'm an editor at Buzzfeed - humor me," joked Saba.</span></p><p><span style="line-height: 1.5em;">You just take the video embed code from any Facebook video and slam that HTML into your own site, and it appears smoothly and easily. </span></p><p><span style="line-height: 1.5em;">All of this is a shot across the bow at Google and YouTube, which has been doing a lot of this for years. Facebook wants to own everything, everywhere, and video ads are a major source of revenue in today's mobile-everywhere world. Silicon Valley startups have been tripping over themselves to broker the emerging mode of <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword>. </span></p><p><span style="line-height: 1.5em;">The thing that's conspicuously absent, though, is any word on how users can monetize their own videos. Facebook is an advertising company, but it doesn't seem to want to share the wealth. </span></p><p><span style="line-height: 1.5em;">That ability to capitalize on video has led YouTube and <a href="http://www.businessinsider.com/sean-plott-explains-why-twitch-is-so-successful-2015-3">Twitch</a> to some success, and if Facebook can't offer the same, it may not be enough to draw popular video game streamers or video bloggers to the platform - meaning that their audiences aren't likely to spend as much time on Facebook.</span></p><p>"We're really exploring early options to allow content creators to have business models on the platform," Simo said in response to an audience question. </p><p><span style="line-height: 1.5em;"> </span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/7-ways-to-make-facebook-even-better-2014-11">7 Cool Things You Didn't Know You Could Do On Facebook</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="owMjJtazqMUH7TM8QR6fL2saI8bz6oeq" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Facebook Video is ambitious, but you can't make a living at it yet

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Getty Images / LightRocket</span></p></div><p></p></div></div></p><ul class="summary-list"><li>Goldman Sachs has revamped its 20-year forecast for the online music-streaming industry. It now expects it to nearly triple between now and 2030.</li><li>The firm lists the four stocks it says are best positioned to take advantage of this explosive growth, and provides detailed reasons why.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary" target="_blank" rel="noopener">Click here for more BI Prime stories</a>.</li></ul><p>It turns out the demand for music-streaming services is greater than even <a href="https://markets.businessinsider.com/stocks/gs-stock" target="_blank" rel="noopener">Goldman Sachs</a> could've predicted. So the firm revamped its 20-year forecast for the industry to account for even more growth.</p><p>Goldman now says the recorded-music market will expand by an additional 4% to reach $45 billion by 2030. That's roughly two-and-a-half times the industry's current size of $19 billion.</p><p>The firm's reason for boosting its outlook stems from the obvious catalyst of faster-than-expected adoption of paid streaming services like <a href="https://www.businessinsider.com/category/spotify" target="_blank" rel="noopener">Spotify</a> and <a href="https://www.businessinsider.com/category/apple-music" target="_blank" rel="noopener">Apple Music</a>. With music ownership quickly becoming a relic of a bygone era, listeners are racing to sign up for these platforms.</p><p>Goldman also notes that the industry's prospects have been lifted by positive updates to the profit outlooks for industry giants like UMG, Warner Music, and Spotify.</p><p><em><strong>Read more</strong>: <a href="https://www.businessinsider.com/stock-picks-to-buy-12-companies-hedge-mutual-funds-love-2019-6" target="_blank" rel="noopener">GOLDMAN SACHS: Buying the stocks loved by both hedge funds and mutual funds has produced supercharged returns. Here are the 12 that fit the bill.</a></em></p><p>But, as in any competitive industry, there must be winners and losers. And Goldman has done extensive analysis around which players will end up on top. It ultimately arrived at the four publicly traded companies listed below, each of which occupies a unique niche in the overall music-streaming pipeline.</p><p>Note that Goldman has buy ratings on each companies listed.</p><h3><a href="https://markets.businessinsider.com/stocks/vivendi-stock" target="_blank" rel="noopener">Vivendi</a> and <a href="https://markets.businessinsider.com/stocks/sony-stock" target="_blank" rel="noopener">Sony</a></h3><p>These two companies will be the "main beneficiaries of streaming growth due to their ownership of the world's two largest record labels and music publishers," Goldman said.</p><p>The firm added: "Over the near-to-medium term, we forecast the major labels and publishers to continue receiving 60-70% of royalties for every piece of content monetized."</p><h3><a href="https://markets.businessinsider.com/stocks/spot-stock" target="_blank" rel="noopener">Spotify</a></h3><p>"We see Spotify as extremely well-positioned to capture growing consumer demand for music streaming, with scope to tap into the $28 billion radio advertising market and $32 billion concerts and events market," Goldman said.</p><p>It added: "We expect its scale, ecosystem, content, and technology to allow Spotify to maintain its lead amongst streaming services."</p><h3><a href="https://markets.businessinsider.com/stocks/tme-stock" target="_blank" rel="noopener">Tencent Music</a></h3><p>"We believe Tencent Music has a unique opportunity to capture the growing demand for online music in China and leverage the massive user base on its social media platforms to drive traffic to its music services," Goldman said.</p><p>It added: "We also see significant scope to drive greater monetisation of music content over time with only 4% of its user base currently paying for music content."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Goldman Sachs</span></p></div><p></p></div></div></p><p>The chart above shows the relative growth trajectories of the main online music-streaming services. That Spotify made it onto Goldman's list is no surprise. But the presence of Tencent Music shows just how much growth potential the firm is assigning to the still-fledgling Chinese market.</p><p>Going beyond Goldman's four top stock recommendations, the firm also laid out a bonus trio of catalysts it says could significantly alter the music-streaming landscape in 2019. They are as follows:</p><ol><li><strong>Spotify's renegotiations with major record labels </strong>- Goldman's base case is for Spotify's royalty rate to stay unchanged. If it declines, that could be an issue going forward.</li><li><strong>National implementation of Article 17 n the European Union driving better remuneration for content rights holders</strong> - Goldman expects this will "allow rights holders (e.g., record labels) greater leverage and ultimate remuneration in future licensing renegotiations with platforms."</li><li><strong>Potential sale of a stake in UMG </strong>- Goldman says the outcome of such a deal "could significantly alter the structure of the music industry, particularly if it involves one of the global online streaming players."</li></ol><p>Stay tuned.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-is-cbd-oil-how-made-marijuana-cannabis-plant-health-2018-8">What is CBD oil and how did it become a $1 billion industry?</a></h3>        <div>                    </div>    </div>

GOLDMAN SACHS: The music-streaming industry will nearly triple over the next 20 years. Here are the 4 dominant stocks you should buy to ride the wave.

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Reuters</span></p></div><p></p></div></div></p><ul class="summary-list"><li>CBS and Viacom are already plotting their next acquisition, execs at the two companies suggested on a call this week. </li><li>Business Insider talked to M&amp;A experts about what <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword>, <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword>, and other companies would make the best potential targets and why.</li><li>ViacomCBS, as the combined company is to be called, wants the scale to compete with Disney, Comcast, and Netflix, which makes unscripted TV giant Discovery a frontrunner.</li><li>But the company could also pursue a handful of smaller deals for media franchises or ad-tech companies to bolster its portfolio of brands and advertising tools.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories.</a></li></ul><p>CBS and Viacom have <a href="https://www.businessinsider.com/cbs-viacom-agree-to-merger-details-revenue-2019-8">agreed to tie the knot</a> and are already plotting their next merger.</p><p>The media outfits say they'll be stronger together financially, paving the way for future deal making - with no  further speculation hanging over the companies about whether they themselves will recombine.</p><p>"One of the other big things this deal does is take a big uncertainty off the company," Viacom CEO Bob Bakish, who will be CEO of the combined ViacomCBS if the deal goes through, told analysts on a conference call Tuesday. "We will be very well positioned to exploit those opportunities," he said, adding that both companies have been, and will continue, looking for opportunities.</p><p>Media strategists and analysts told Business Insider that ViacomCBS doesn't need to jump into another merger right away, though the companies seem to want to. Bakish summed up his ambitions on the call.</p><p>"Simply put, the combined company will be one of only a few with the breadth and depth of content and platforms and the global reach to shape the future of the industry," Bakish said.</p><p>ViacomCBS is sizing up content and production assets to reach the scale required to challenge media giants like Netflix, Disney, and Comcast. The company is also in a bit of a time crunch to get these deals done to generate more income to bid on NFL rights against deep-pocketed rivals like tech company Amazon, analysts say. </p><p>Shari Redstone, president of National Amusements, which has a controlling stake in both CBS and Viacom, has been shopping for deals with companies like Sony Pictures Entertainment and TV company Discovery Communications, <a href="https://www.nbcnews.com/news/all/if-cbs-viacom-reunite-more-mergers-could-be-way-n1036476">NBC News previously reported</a>.</p><p>There are few directions that ViacomCBS could go in with its next acquisition, the experts said. It could make a big deal for a company like Discovery, or snap up a handful of smaller companies in key growth areas like content production and ad-tech.</p><h2>Scale</h2><p>If scale is the name of the game, ViacomCBS will be looking for other media companies with robust production capabilities, popular franchises, and international footholds that complement its own breadth of brands and IP.</p><p>CBS has an older crowd through its broadcast network and sports and news channels, and Viacom targets kids with Nickelodeon, and teens through adults with myriad cable networks like Comedy Central, MTV, and BET.</p><p>Together, the two companies have a combined enterprise value of about $48 million. But they'd still be dwarfed by Disney, worth $313 billion; Comcast, worth $308 billion; and Netflix, worth $145 billion.</p><p>In addition to Sony and Discovery, execs at CBS and Viacom have mulled the idea of acquiring Starz, or its parent company Lions Gate, <a href="https://www.wsj.com/articles/cbs-viacom-merger-opens-door-to-more-deals-11565726296">The Wall Street Journal</a> reported. Movie studio MGM and cable programmer AMC Networks have also been floated in news reports as possible targets. Analysts Business Insider spoke with mentioned Fox, as well as Univision, which is <a href="https://variety.com/2019/biz/news/univision-for-sale-strategic-review-spanish-language-1203259599/">seeking a buyer</a>.</p><p>Of this group, unscripted TV giant Discovery seems to be the best fit, according to the experts.</p><p>Discovery would offer ViacomCBS three things: greater international presence, since Discovery has a variety of international TV channels, including Eurosport; content assets and access to non-fiction talent, like Chip and Joanna Gaines of "Fixer Upper" fame, and its arsenal of Food Network stars; and enough cable-TV networks to form an advertising juggernaut.</p><p>"CBS-Viacom with Discovery would make them the de facto gorilla in terms of ad sales in the pay-TV universe," Mary Ann Halford, a senior advisor at OC&amp;C Strategy Consultants, told Business Insider. "They would be the market leader in that area."</p><p>Adding more cable channels exposes ViacomCBS to more risk from cord-cutting. But the company could also leverage its free ad-supported TV service Pluto TV, as Viacom is doing now.</p><h2>All about that brand</h2><p>But if the priority is to build scripted production capabilities and content assets to compete with Netflix and Disney (and sell programming to them), then Sony or Lions Gate would be better bets.</p><p><span style="font-weight: 400;">"The question that's behind this merger and will be behind subsequent moves is: Do we have a pipeline of content that is attractive and defendable?" Stephen Beck, cofounder and managing partner of management consultancy cg42, said. "And then, can we monetize it, and to what extent?"</span></p><p>Sony has brands like the Spider-Man franchise and a strong international presence. Lions Gate, meanwhile, has content assets like the "Hunger Games" franchise, and its subsidiary Starz could be used to bolster ViacomCBS' premium-TV service Showtime.</p><p>The key is finding content assets that still have a lot of runway. </p><p>"They're going to pay a premium for content that is, 1. marquee enough to hold consumers' attention and 2. which is almost more important, provides a platform for CBS to able to expand the content pool," Greg Portell, a lead partner with the global management consultancy AT Kearney, said.</p><p>Think Star Wars before Disney bought Lucasfilm. It was still a huge cultural phenomenon, but there was plenty of opportunity to revive the franchise for a new generation, broaden the universe with TV shows and spin-off films, sell toys and video games, and, ultimately, use Star Wars as a launch pad for Disney's streaming services, as Disney is doing now by making "The Mandalorian" the first original series to hit Disney Plus.</p><p>That could make movie studio MGM appealing at the right price. "<span style="font-weight: 400;">The only reason to buy MGM is to get the Bond franchise," Halford of OC&amp;C said.</span></p><h2>Think like a tech company</h2><p>ViacomCBS doesn't need to acquire a major media company to get the brands, IP, and relationships with top talent it's after. But to get around that, it'd have to start thinking like a tech company.</p><p>Like Netflix before it, ViacomCBS could make a handful of smaller deals with production companies and media franchises to shore up its portfolio.</p><p>Netflix has grown its assets, not by buying other media companies, but by signing long-term deals with top showrunners like Shonda Rhimes, Ryan Murphy, and "Game of Thrones" creators <span>David </span>Benioff<span> and D.B. </span>Weiss. It's also bought a few small production companies with valuable IP, including comic-book creator Mark Millar's MillarWorld and <a href="https://media.netflix.com/en/press-releases/netflix-acquires-the-critically-and-fan-acclaimed-storybots-property-and-commits-to-bringing-educational-content-to-kids-and-families-around-the-world">kid's media franchise</a> Storybots.</p><p>Viacom <a href="https://deadline.com/2019/08/viacom-to-acquire-garfield-1202662457/">recently acquired</a> the "Garfield" kids franchise, which suggests CEO Bakish is open to that thinking.</p><p>Endemol Shine, the Dutch-based media company behind productions like "Big Brother," and dramas like "Peaky Blinders" and "Black Mirror," is reportedly on the market, among other smaller studios in Europe.</p><p><span style="font-weight: 400;">"At the end of the day what you want to do is build your IP," Naveen Sharma, analyst at S&amp;P Global, said. "And it wouldn't blow up their balance sheet."</span><span style="font-weight: 400;"></span></p><h2>Another ad-tech </h2><p><span style="font-weight: 400;">Execs of the future ViacomCBS also called out ad-targeting as one of the three key areas of growth for the combined company. As Halford said, advertising could become even more important if ViacomCBS doubles down on pay-TV channels through a deal with Discovery. </span></p><p><span style="font-weight: 400;">ViacomCBS could pursue an ad-tech company to sure up its advertising tools, just as AT&amp;T followed up its deal with Time Warner by buying AppNexus.</span></p><p><span style="font-weight: 400;">"As pressure on CPMs and ad revenue continues to increase, just having size and scale isn't necessarily going to help CBS and Viacom," Portell said. "They're going to need some kind of secret sauce that offers advertisers more than just the eyeballs."</span></p><h2>The Vice question</h2><p>Another potential target floated in media coverage has been Vice, which is reportedly eager to find a buyer. None of the strategists or analysts that Business Insider spoke with were clear on what the upside of a deal with the digital media company would be for ViacomCBS.</p><p><span style="font-weight: 400;">"The question with Vice is how much revenue and profit will it add to the bottom line of a potential acquirer?" Portell explained. "That's always been debatable. If you're an established media player you're always being criticized because you're not creative enough and can't keep up with the Vices and BuzzFeeds, but as soon as you buy that company, your scorecard goes back to economics of the deal. Those acquisitions very rarely have paid off."</span></p><p><a href="https://www.vanityfair.com/news/2019/08/nancy-dubucand-big-investor-hoping-for-an-exit-strategy-cbs-viacom">Vanity Fair also reported</a> that Viacom's Bakish has no interest in acquiring Vice, which could squash its deal potential now that Bakish will be leading the combined company.</p><h2><span style="color: #000000;">Other considerations</span></h2><p>There are other considerations that will affect future deals with ViacomCBS, including whether the companies are  for sale, and the competition to buy them.</p><p>Sony execs haven't said publicly whether they'd consider selling Sony Pictures, but <a href="https://nypost.com/2019/04/08/hedgie-to-pitch-sony-on-selling-off-entertainment-division/">The New York Post reported</a> that Amazon may also be interested in the movie and TV studio. Meanwhile, Lions Gate and Univision, which has touted its Hispanic audience, are actively courting buyers.</p><p>Lions Gate, Starz, and Discovery come with another caveat: industry insiders suspect investor John Malone, which has <a href="https://www.bloomberg.com/graphics/2018-john-malone/">stakes in all three companies</a>, will want some kind of active involvement, such as a seat on the board of the merged company, if a deal is done. His relationship with the Redstone family has been <a href="https://variety.com/2016/film/news/john-malone-sumner-redstone-starz-lionsgate-1201809934/">rocky in the past</a>. </p><p>Also, ViacomCBS will be in a stronger financial position coming out of the merger, but it's unclear if it will have the leverage to acquire a company the size of Discovery, which is larger now than Viacom was alone.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/scary-stories-tell-dark-details-missed-2019-8">21 details you may have missed in 'Scary Stories to Tell In the Dark'</a></h3>        <div>                    </div>    </div>

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