ViacomCBS Surges on Bet That an Activist Investor Will Emerge
- Credit Suisse trades hint that shareholder is amassing stake
- But any activist would have to win over Shari Redstone
The Viacom Inc. headquarters building in the Times Square area of New York.
Photographer: John Taggart/Bloomberg
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ViacomCBS Inc. jumped as much as 5.8% on speculation that an activist investor will push for a shake-up at the company after the death of founder Sumner Redstone this week.
Credit Suisse Group AG, which in the past has made trades for investors who want to stay out of the spotlight, purchased 12.8 million ViacomCBS shares in the second quarter, noted Don Bilson at research and advisory firm Gordon Haskett.