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CBS CORP CL B (CBS)

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CBS Corporation (NYSE:CBS) is an American media conglomerate focused on broadcasting, publishing, billboards, and television production, with most of its operations in the United States. The President and CEO of the company is Leslie Moonves. Sumner Redstone, thorught National Amusements is its controlling shareholder, serving as Chairman. CBS came into being on December 31, 2005 as the legal successor to a former Viacom.^[1]^[2]

1 Company Facts
2 Company Analysis
- 2.1 Competitive Strengths
3 News Feed
4 Risks
5 Research Links
6 Options
7 Notes

Today

Max

Funds w/ CBS:	116
Rank:	237 / 351

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Company Facts

CBS is a mass media company. As of December 31, 2005, contributions to the Company's consolidated revenues from its segments were as follows: Television 64%, Radio 15%, Outdoor 13% and Parks/Publishing 8%. CBS generated approximately 12% of its total revenues from international regions in 2005, with approximately 67% and 22% of revenues generated in Europe and Canada, respectively.^[3]

TELEVISION: The Television segment consists of the CBS� and UPN� television networks; the Company's 39 owned broadcast television stations; its television production and syndication business, including CBS Paramount Television� and King World� Productions; and its cable networks Showtime� and CSTV� , among other program services. In January 2006, the Company announced a 50/50 joint venture with Warner Bros. Entertainment to form a new broadcast network, The CW, expected launched in Fall 2006. UPN ceased broadcasting at the conclusion of the 2005/2006 broadcast season in September 2006.^[3]
RADIO: The Radio segment owns and operates 179 radio stations in 40 U.S. markets through CBS Radio�.^[3]
OUTDOOR: The Outdoor segment displays advertising on media, including billboards, transit shelters, buses, rail systems (in-car, station platforms and terminals), mall kiosks, masts and stadium signage principally through CBS Outdoor�.^[3]
PARKS/PUBLISHING: The Parks/Publishing category includes Simon & Schuster , which publishes and distributes consumer books under imprints such as Simon & Schuster�, Pocket Books�, Scribner� and Free Press�; and Paramount Parks�, which is principally engaged in the ownership and operation of five theme parks and a themed attraction in the U.S. and Canada. In January 2006, the Company announced its intention to divest Paramount Parks and to complete the divestiture in the second half of 2006.^[3]

In July 2005, Famous Players, a Canadian-based theater chain, was sold for approximately $400 million. In December 2004, the Company acquired the remaining outstanding interest that it did not already own in SportsLine.com, Inc., a leading online sports media company. In December 2004, the Company acquired a 10% interest in Spanish Broadcasting System, Inc. ("SBS") and warrants for approximately another 5% interest in SBS, in exchange for one of the Company's radio stations serving the San Francisco market. In 2004, the tax-free split-off of Former Viacom's approximately 81.5% interest in Blockbuster Inc. ("Blockbuster") (NYSE: BBI) through an exchange offer was completed.^[3]

As new technologies for delivering content and services evolve, the Company is pursuing opportunities to distribute content to consumers through various platforms including the Internet, mobile devices, video-on-demand and interactive television. CBS announced various arrangements^{[citation needed]} to extend the reach of its news and program content across a number of products and platforms with leading Internet, cable and mobile wireless companies, among others.^[3]

The Company competes with many different entities and media in various markets worldwide. In addition to competition in each of its businesses, the Company competes for opportunities in the entertainment business with other diversified international entertainment companies such as The Walt Disney Company, GE�s NBC Universal, Inc., News Corporation and Clear Channel Communications.^[3]

As of March 1, 2006, National Amusements, Inc. ("NAI"), a closely held corporation that owns and operates approximately 1,540 movie screens in U.S., the U.K., South America and Russia and manages 21 movie screens in the U.S. and the U.K., beneficially owned Class A Common Stock of the Company representing approximately 71% of the voting power of all classes of the Company's Common Stock, and approximately 12% of the Company's Class A Common Stock and Class B Common Stock on a combined basis. Owners of the Company's Class A Common Stock are entitled to one vote per share. The Company's Class B Common Stock does not have voting rights. NAI is not subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. Sumner M. Redstone, the controlling shareholder of NAI, is the Executive Chairman of the Board of Directors and Founder of the Company. CBS was organized in Delaware in 1986. The Company's principal offices are located at 51 W. 52 nd Street, New York, New York.^[3]

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Company Analysis

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Competitive Strengths

CBS believes it possesses a number of strengths that will enable it to compete successfully:^[3]

A wide reach and distribution in multiple media throughout the U.S. and key international markets. CBS thinks of itself as a leading mass media company, with businesses that for many years have consistently held leadership positions as well as newer businesses that operate on the leading-edge of the media industry. CBS believes that its many and varied operations, combines broad reach with well-positioned national and local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states, including the largest domestic metropolitan areas, and key international markets.^[3]
Popular programming and content that appeals to a broad range of audiences. CBS believes that it delivers television, radio and publishing content that appeals to audiences across virtually every segment of the population. In network television, CBS Network� and UPN offer programming watched by millions of viewers, including shows like CSI: Crime Scene Investigation, CSI: Miami, CSI: New York, The Amazing Race, Without a Trace, Two and a Half Men, Everybody Hates Chris, America's Next Top Model, 60 Minutes, the Late Show with David Letterman, The Young and the Restless and a significant selection of important sports events, from AFC National Football League games to the Masters golf tournament and the month-long March Madness� college basketball tournament. CBS thinks it is an industry leader in the production and distribution of syndicated television programming, with long-running and recent successes like Wheel of Fortune, Jeopardy!, The Oprah Winfrey Show, Dr. Phil, Entertainment Tonight and Judge Judy . Showtime Networks Inc.'s ("Showtime Networks") original programming has earned 34 Emmy� Awards and 4 Golden Globe� Awards since 2000. CBS owns, operates and programs radio stations in nearly every format, including rock, all-news, talk, oldies, adult contemporary, country, sports/talk and urban, many of which now utilize the Internet as an additional way of reaching their audiences with enhanced content. In 2005, Simon & Schuster published 98 titles that were New York Times bestsellers, including 14 titles that were #1 bestsellers.^[3]
Extensive and growing content library exploited on multiple platforms. CBS believes it has a large television library including a growing collection of high-definition content. This valuable asset includes many popular television programs, including CSI: Crime Scene Investigation, CSI: Miami, CSI: New York, Survivor, The Amazing Race, Cheers, I Love Lucy, The Andy Griffith Show and Frasier. In addition, through CBS Paramount Television and King World, CBS holds the library rights to current first-run syndicated television programs including Entertainment Tonight, Judge Judy and Inside Edition. Showtime Networks owns or controls various television and other rights to many of its original programs, including movies, specials, series and documentaries. Those titles include The L Word , Queer as Folk , Sleeper Cell , Fat Actress , Dave Chappelle: For What It's Worth , and Liza With a "Z" starring Liza Minnelli. CBS Radio owns local content in many formats from its radio stations and is pursuing new media opportunities including Internet streaming and podcasting. Simon & Schuster publishes approximately 1,800 titles a year and holds the publishing rights to more than 17,000 titles, including perennial classics such as The Joy of Cooking, 7 Habits of Highly Effective People, Dr. Spock's Baby and Child Care and the majority of works by Ernest Hemingway and F. Scott Fitzgerald, among others.^[3]
Ability to serve the needs of advertisers. Many advertisers reach their consumers via CBS�s programming. Whether an advertiser wishes to launch a new brand across multiple platforms or heighten awareness of an existing product in a particular region of the country, the scope of CBS Corp.'s distribution network gives advertisers access to consumers in all 50 states and key international markets. CBS also believes it is well-positioned to serve advertisers locally with a combination of television, radio and outdoor properties in the majority of the top 20 domestic markets.^[3]

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News Feed

10/13/08 10:10 pm	[$$] Market Turmoil Pressures Redstone (at The Wall Street Journal Online)
10/13/08 8:10 pm	[$$] Sumner Heat Burns Viacom (at The Wall Street Journal Online)
10/13/08 8:10 pm	[$$] Traders Display Bullishness on BP, More Caution on CBS (at The Wall Street Journal Online)
10/13/08 5:10 pm	Viacom, CBS rebound from Friday's steep sell-off (AP)
10/13/08 5:10 pm	Movers roundup: Edwards Lifesciences, Viacom, CBS (AP)
10/13/08 4:10 pm	Joost Launches Flash Version For Browsers: Easier But No Hulu (paidContent.org)
10/13/08 3:10 pm	Media Stocks: Media stocks climb with market rally (at MarketWatch)
10/13/08 3:10 pm	Analysts take mixed view of CBS after warning (at MarketWatch)
10/13/08 3:10 pm	5 Reasons Why Sirius XM Is at $0.43 (at Motley Fool)
10/13/08 2:10 pm	Joost relaunching TV site as online shows abound (AP)