Viva Viacom!

Barron's wrote a cover article this weekend about the future of TV.  Here is a link (The Future of TV ).  While the article talked about the cable providers, the "disruptors" (like Netflix), the satellite companies and the broadcast channels, they did say that Viacom was one of the best approaches:

"On the content side, Viacom carries the cheapest price tag. After ranging from 16 to 20 times before the recession, Viacom's forward P/E is less than 14. Investors are worried about declining ratings for Nickelodeon, the company's children's channel. But the company says measurement data are not yet accounting for views on new platforms like tablets and smartphones. Cable companies will eventually have to pay more for Viacom's content, a fixture in households with young children and teenagers. (Meanwhile, Amazon recently outbid Netflix for streaming rights for popular kids shows like Dora the Explorer and Sponge Bob Square Pants for its Prime Instant Video service.)
Viacom has noted that its channels get up to 20% of TV's eyeballs but average less than 10% of the licensing fees. As the gap closes in the coming years, its shares should get more credit from Wall Street. At 16 times 2014 earnings, the stock is worth $86, 16% above a recent price of $74. In the meantime, Viacom continues to use its free cash flow to buy back stock. The company has reduced its share count by 27% since 2007, a theme we noted last year in "Viacom's Latest Cable Hit: 'The Big Payout,' " Oct. 8, 2012."

They were a few days ahead of their time as the stock has already moved from the mentioned $74 to $79.  So they are up 63% for me since I bought in my November Tranche and Barron's is still calling them "cheap".