CBS Corporation (NYSE: CBS, NYSE: CBSA) 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, owner of National Amusements, is CBS's majority shareholder & serves as Chairman. The company began trading on the NYSE on January 3, 2006. Until then, the corporation was known as Viacom, and is the legal successor to said company.[3] A new company, keeping the Viacom name was spun off from CBS. CBS, not Viacom, retains control of the partial and total over-the-air television & radio broadcasting, TV production & distribution , publishing, pay-cable, recording, and outdoor advertising assets formerly owned by the larger company. CBS has its headquarters in Midtown Manhattan, New York City.[4]
CBS Corporation (CBS Corp.) is a mass media company. CBS Corp. has operations in segments, which include Entertainment, Cable Networks, Publishing, Local Broadcasting and Outdoor. During the year ended December 31, 2010, contributions to the Company's consolidated revenues from its segments were: Entertainment 53%, Cable Networks 10%, Publishing 6%, Local Broadcasting 20% and Outdoor 13%. During 2010, the Company generated approximately 15% of its total revenues from international regions, and approximately 59% and 18% of total international revenues were generated in Europe and Canada, respectively. In May 2010, the Company acquired EcoMedia, LLC.
Entertainment
The Company’s Entertainment segment consists of the CBS Television Network; CBS Television Studios, CBS Studios International and CBS Television Distribution, the Company's television production and syndication operations; CBS Films, the Company's producer and distributor of theatrical motion pictures, and CBS Interactive, the Company's online content networks for information and entertainment. The CBS Television Network through CBS Entertainment, CBS News and CBS Sports distributes a schedule of news and public affairs broadcasts, sports and entertainment programming to more than 200 domestic affiliates reaching throughout the United States, including 16 of the Company's owned and operated television stations, and to affiliated stations in certain United States territories. The CBS Television Network primarily derives revenues from the sales of advertising time for its network broadcasts. CBS Television Network includes primetime comedy and drama series, reality-based programming, specials, children's programs, daytime dramas, game shows and late-night programs. CBS News operates a worldwide news organization, providing the CBS Television Network and the CBS Radio Network with regularly scheduled news and public affairs broadcasts, including 60 Minutes, CBS Evening News with Katie Couric and The Early Show, as well as special reports.
CBS News Productions, the off-network production company created by CBS News, produces programming for domestic and international outlets, including the CBS Television Network, cable television, home video, audio-book and in-flight markets, as well as schools and libraries. CBS News also provides CBS Newspath, a television news syndication service that offers daily news coverage, sports highlights and news features to the CBS Television Network affiliates and other subscribers. CBS Sports broadcasts include The NFL Today, certain games from the NCAA Division I Men's Basketball Tournament, including the NCAA Men's Final Four, golf, including the Masters Tournament and the PGA Championship, the United States Open Tennis Championships, regular-season college football and basketball line-ups on network television, in addition to the NFL's American Football Conference regular season schedule, the Postseason Divisional Playoff games and the AFC AFC championship game.
CBS Corp., through CBS Television Studios, CBS Studios International and CBS Television Distribution, produces, acquires and/or distributes programming, including series, specials, news and public affairs. Such programming is produced primarily for broadcast on network television, exhibition on basic cable and premium subscription services or distribution via first-run syndication. First-run syndication is programming exhibited on television stations without prior exhibition on a network or cable service. The Company also distributes off-network syndicated programming, which is programming exhibited on television stations or cable networks following its exhibition on a network, basic cable network or premium subscription service.
CBS Films produces and distributes theatrical motion pictures across all genres. CBS Interactive operates online content networks for information and entertainment. During 2010, CBS Films' United States theatrical releases included The Mechanic. CBS Interactive operates an online content network for information and entertainment. CBS Interactive's brands, including CNET, CBS.com, CBSSports.com, GameSpot, TV.com, BNET and CHOW, among others, serve targeted audiences with text, video, audio, and mobile content spanning technology, entertainment, sports, news, business, gaming and music categories. In addition to its United States-based business, CBS Interactive operates in Asia and Europe. During 2010, CBS Interactive's brands reached approximately 256 million monthly visitors.
CNET.com is a Website for technology and consumer electronics information. GameSpot's content includes video game reviews and previews, news, Webcasts, videos, online tournaments and game downloads. CBSSports.com owns and operates CBSCollegeSports.com and MaxPreps.com. During 2010, CBSSports.com hosted the NCAA March Madness on demand video player that provided live streaming video of the NCAA Division I Men's Basketball Championship. TV.com is a destination for entertainment and community around television where visitors can watch videos and discuss and obtain information about television shows across all networks. CBS Business Network, which consists of BNET.com and CBS MoneyWatch.com, is a business media site, offering original content, as well as one of the business libraries available on the Internet. CBS Interactive also operates CBS.com, the online destination for CBS Television Network programming. Through the CBS Audience Network, the Company delivers content from its Websites and television, radio and affiliated stations, through new and existing advertiser-supported deals.
In the Entertainment segment, the Company competes with ABC, FOX, The CW and MyNetworkTV, Disney, Sony, NBC Universal, Inc., Paramount Pictures Corporation, Walt Disney Studios Motion Pictures, Warner Bros. Entertainment, Inc., Lionsgate Entertainment, Summit Entertainment, LLC, The Weinstein Company, Metro-Goldwyn-Mayer Studios Inc., Lakeshore Entertainment Group LLC , AOL, MSN and Yahoo, Shopping.com, Amazon.com, and eBay.
Cable Networks
The Company’s Cable Networks segment consists of Showtime Networks, the Company's premium subscription program services; CBS College Sports Network, the Company's cable network devoted to college athletics, and Smithsonian Networks, a venture with Smithsonian Institution, which operates Smithsonian Channel. Showtime Networks owns and operates three commercial-free, premium subscription television program services in the United States: Showtime, offering recently released theatrical feature films, original series, documentaries, boxing, mixed martial arts and other sports-related programming, and special events; The Movie Channel, offering recently released theatrical feature films and related programming, and Flix, offering theatrical feature films primarily from the last several decades, as well as selected other titles. As of December 31, 2010, Showtime, The Movie Channel and Flix, in the aggregate, had approximately 67.1 million subscriptions in the United States, certain United States territories and Bermuda. Showtime Networks also owns and operates multiplexed channels of Showtime and The Movie Channel in the United States. Showtime Networks also operates the Website SHO.com and various mobile applications, which promote Showtime, The Movie Channel and Flix programming, and provide information and entertainment and other services.
Showtime Networks also produces and/or provides special events to licensees on a pay-per-view basis through Showtime PPV. Showtime Networks also owns a majority of and manages Smithsonian Networks, a venture with Smithsonian Institution, which operates Smithsonian Channel, a basic cable service in the United States, featuring programs of a cultural, historical, scientific and educational nature. CBS College Sports Network is a 24-hour cable program service dedicated to college sports. The network features events from approximately 15 men's and women's college sports and provides coverage of over 250 live events each year in addition to live studio shows and original programming. As of December 31, 2010, CBS College Sports Network had approximately 39.1 million subscribers.
In the Cable Networks segment, CBS Corp. competes with Home Box Office, Inc. and Starz Entertainment, LLC, Netflix, Inc., Discovery Channel, National Geographic Channel, History, ESPN, and the FOX Sports Networks.
Publishing
CBS Corp.’s Publishing segment consists of Simon & Schuster, which publishes and distributes consumer books under imprints, such as Simon & Schuster, Pocket Books, Scribner and Free Press. Simon & Schuster publishes and distributes adult and children's consumer books in printed, audio and digital formats in the United States and internationally. Digital formats include audio downloads for the Apple iPod and moving picture experts group layer-3 audio (MP3) players, electronic books for devices, such as Amazon's Kindle, the Apple iPad and Barnes & Noble's NOOK, stand-alone applications for the Apple iPod and iPhone, and new hybrid text and video combinations. Simon & Schuster's adult imprints include Simon & Schuster, Pocket Books, Scribner, Atria Books, Gallery Books, Touchstone and Free Press. Simon & Schuster's children's imprints include Simon Pulse, Aladdin and Simon & Schuster Books For Young Readers.
Simon & Schuster also develops special imprints and publishes titles based on the CBS Television Network's and Showtime Networks' products, as well as that of third parties and distributes products for other publishers. Simon & Schuster distributes its products directly and through third parties. Simon & Schuster also delivers content and promotes its products on general Internet sites, as well as those linked to individual titles; its created assets include online videos showcasing Simon & Schuster authors and new releases on YouTube, Facebook, MSN.com, SimonandSchuster.com and other sites. International publishing includes the international distribution of English-language titles through Simon & Schuster UK, Simon & Schuster Canada and Simon & Schuster Australia and other distributors, as well as the publication of local titles by Simon & Schuster UK. During 2010, Simon & Schuster published 154 titles.
In the Publishing segment, the Company competes with Random House, Penguin Group and Harper Collins.
Local Broadcasting
The Company’s Local Broadcasting segment consists of CBS Television Stations, the Company's 29 owned broadcast television stations, and CBS Radio, through which the Company owns and operates 130 radio stations in 28 United States markets and related online properties. During 2010, the Company launched local Websites in New York, Los Angeles, San Francisco and Philadelphia, among others, which combine television and radio local media brands online to provide the latest news, traffic, weather, and sports information, as well as local discounts, directories and reviews to serve the local community.
CBS Corp.owns multiple television stations within the same designated market area (DMA) in nine markets, which include Los Angeles, Philadelphia, Dallas-Fort Worth, San Francisco-Oakland-San Jose, Boston, Detroit, Miami-Ft. Lauderdale, Sacramento-Stockton-Modesto and Pittsburgh. The stations produce news and broadcast public affairs, sports and other programming to serve their local markets and offer CBS, The CW or MyNetworkTV programming and syndicated programming. The CBS Television Stations group principally derives its revenues from the sale of advertising time on its television stations. Substantially all of the Company's television stations operate Websites, which promote the stations' programming, and provide news, information and entertainment, as well as other services. These Websites principally derive revenues from the sale of advertising. The Company's radio broadcasting business operates through CBS Radio. The majority of CBS Radio's revenues are generated from the sale of local and national advertising.
In the Local Broadcasting segment, the Company competes with Clear Channel Communications, Citadel Broadcasting, Cumulus Media Inc., Emmis Communications, Entercom Communications Corporation, Radio One., Sirius XM Radio Inc., Pandora, Live 365 and Rhapsody.
Outdoor
The Company sells, through its outdoor businesses, advertising space on various media, including billboards, transit shelters, buses, rail systems (in-car, station platform and terminal), mall kiosks and stadium signage, and in retail stores. It has outdoor advertising operations in more than 100 markets in North America, including all 50 in the United States, 19 in Canada and all 45 in Mexico. The Company has a variety of outdoor advertising displays in the Netherlands, France, Italy, Puerto Rico, the Republic of Ireland, Spain, Argentina, Brazil, Uruguay, Chile and China. The Company operates its outdoor businesses through CBS Outdoor in the United States, Canada and Europe, CBS Outernet in the United States, and Vendor in Mexico. Outdoor operates in the billboard, transit, street furniture and retail store advertising markets. Outdoor primarily operates two types of billboard advertising displays, commonly referred to as bulletins and posters. Billboard space is sold for periods ranging from 4 weeks to 12 months. Transit advertising includes advertising on or in transit systems, including the interiors and exteriors of buses, trains and trams and at rail stations. Street furniture displays bus shelters, which reach both vehicular and pedestrian audiences. Bus shelters are constructed, installed and maintained by Outdoor. Outdoor is utilizing digital technology containing moving images in the London Underground, New York City subways and in retail outlets through CBS Outernet. CBS Outernet, a distributor of video programming and advertising content to retail stores, enables customized messaging by region and retail environment.
In the Outdoor segment, CBS Corp. competes with Clear Channel Outdoor Holdings, Inc., JCDecaux S.A., Cemusa Inc., Titan Outdoor Holdings, Inc., and Lamar Advertising Company.
By the end of 1997, Jordan had orchestrated $25 billion in deals to execute his strategy of turning Westinghouse into a broadcaster, a total that not only included the divestitures of the company's industrial holdings but also several important acquisitions. In 1997, Westinghouse paid $4.9 billion for Infinity Broadcasting Corporation, the second largest radio station network in the United States. Also in 1997, Jordan engineered CBS's belated push into cable by acquiring TNN (The Nashville Network) and the U.S. and Canadian operations of CMT (Country Music Television) from Gaylord Entertainment Co. for $1.55 billion. Additionally, CBS launched Eye on People, a news and entertainment network expected to bolster the broadcaster's presence in cable.
On December 1, 1997, with much of Jordan's major transformation work completed, Westinghouse changed its name to CBS Corporation and moved its headquarters from Pittsburgh to New York City. Following the sale of its power generation business to Siemens, the only vestiges of the former Westinghouse were the company's nuclear power business and a unit that handled nuclear material for the U.S. government. Both of these businesses were divested in 1998, acquired by Morrison Knudsen and British Nuclear Fuels. What remained was the newly diversified CBS, whose strength during the late 1990s had grown amid the swirl of corporate activity surrounding it. Although the network continued to attract an older audience, CBS's television ratings were encouragingly high during the late 1990s, eclipsing all rival networks. As the broadcaster prepared for the 21st century, ready to begin an eight-year, $4 billion contract with the NFL (having outbid NBC for the rights), the company's new management hoped to engineer a return to the past, back to the years when CBS dominated the industry.
2000 and Beyond
While CBS did return to supremacy, it was achieved under a different corporate structure. In 2000 CBS was acquired by Sumner Redstone's media giant Viacom Inc. for $45 billion. Under Viacom, CBS's cable networks and radio holdings were transferred to other Viacom divisions. CBS gained a new CEO, Leslie Moonves, as former CEO Mel Karmazin went on to take that position at Viacom. Within two years, Viacom had acquired and added to the CBS division the United Paramount Network (UPN), known for such programs as Buffy the Vampire Slayer and America's Next Top Model.
The ensuing success of CBS was, in part, due to the fact that "reality TV" rocked the television industry. These unscripted shows, featuring ordinary people in sometimes-extraordinary, unrehearsed situations, were a huge hit among viewers, and promised to become a cultural phenomenon with staying power. CBS's reality show Survivor was one of the most successful in the genre. Survivor, which placed a group of people from all walks of life in a secluded location and charged them with outwitting and outlasting each other in competition, pushed CBS in to first place in the 2002-2003 ratings race. Also instrumental in accelerating CBS's race to the top of the ratings was the show CSI: Crime Scene Investigation. The forensics show was a hit, edging the NBC medical drama ER away from the top of the Nielsen ratings.
During the 2003-04 television season, CBS introduced some shows that performed well, including Joan of Arcadia, and Cold Case. The network's most successful show, however, remained CSI, primetime's most-watched show (averaging 26.3 million viewers per week). In 2003, the company drew sharp criticism from some as it prepared to air a mini-series on former U.S. President Reagan and First Lady Nancy. When the show's scripts were leaked to the press, conservative and Republican interest groups protested The Reagans, which was not a necessarily sympathetic portrayal of its subjects. CBS eventually opted to shuttle the program over to Viacom's cable network Showtime for airing.
Principal Operating Units: Infinity Promotions Group; King World Productions Inc.; Paramount Television Group; Sportsline.com Inc.; United Paramount Network.
OVERALL
Beta: 2.21
Market Cap (Mil.): $17,308.78
Shares Outstanding (Mil.): 674.72
Annual Dividend: 0.20
Yield (%): 0.78
FINANCIALS
CBSa.N Industry Sector
P/E (TTM): 24.88 195.81 13.52
EPS (TTM): 213.89 -- --
ROI: 3.42 3.69 1.28
ROE: 7.69 6.07 2.12
Statistics:
Wholly Owned Subsidiary of Viacom Inc.
Incorporated: 1927 as United Independent Broadcasters, Inc.
Employees: 46,189
Sales: $7.76 billion (2003)
NAIC: 515120 Television Broadcasting
Key Dates:
1927: Columbia Broadcasting is founded.
1928: William Paley invests in the radio broadcaster and becomes president of the company.
1938: Edward R. Murrow goes to work for CBS.
1964: Company begins an acquisition spree.
1979: Company begins divesting diverse holdings.
1995: Westinghouse acquires CBS.
Name Age Since Current Position
Redstone, Sumner 87 2006 Executive Chairman of the Board
Moonves, Leslie 61 2006 President, Chief Executive Officer, Director
Redstone, Shari 57 2005 Independent Vice Chairman of the Board
Ianniello, Joseph 43 2009 Chief Financial Officer, Executive Vice President
Briskman, Louis 62 2006 Executive Vice President, General Counsel
Ambrosio, Anthony 50 2006 Executive Vice President - Human Resources and Administration
Franks, Martin 60 2006 Executive Vice President - Planning, Policy and Government Affairs
Schwartz, Gil 59 2006 Executive Vice President, Chief Communications Officer
Shilen, Thomas 51 2010 Senior Vice President, Chief Accounting Officer, Controller
Straka, Angeline 65 2006 Senior Vice President, Deputy General Counsel, Secretary
Jones, Richard 45 2006 Senior Vice President, General Tax Counsel
Rousso, Doug 2011 Chief Technology Officer
Salerno, Frederic 67 2007 Independent Director
Andelman, David 71 2000 Independent Director
Califano, Joseph 79 2003 Independent Director
Cohen, William 70 2003 Independent Director
Gifford, Charles 68 2006 Independent Director
Gordon, Bruce 65 2006 Independent Director
Goldberg, Leonard 77 2007 Independent Director
Countryman, Gary 71 2007 Independent Director
Griego, Linda 63 2007 Independent Director
Kopelson, Arnold 76 2007 Independent Director
Morris, Douglas 72 2007 Independent Director
Address:
51 West 52nd Street
New York, New York 10019
U.S.A.
CBS Corporation (CBS Corp.) is a mass media company. CBS Corp. has operations in segments, which include Entertainment, Cable Networks, Publishing, Local Broadcasting and Outdoor. During the year ended December 31, 2010, contributions to the Company's consolidated revenues from its segments were: Entertainment 53%, Cable Networks 10%, Publishing 6%, Local Broadcasting 20% and Outdoor 13%. During 2010, the Company generated approximately 15% of its total revenues from international regions, and approximately 59% and 18% of total international revenues were generated in Europe and Canada, respectively. In May 2010, the Company acquired EcoMedia, LLC.
Entertainment
The Company’s Entertainment segment consists of the CBS Television Network; CBS Television Studios, CBS Studios International and CBS Television Distribution, the Company's television production and syndication operations; CBS Films, the Company's producer and distributor of theatrical motion pictures, and CBS Interactive, the Company's online content networks for information and entertainment. The CBS Television Network through CBS Entertainment, CBS News and CBS Sports distributes a schedule of news and public affairs broadcasts, sports and entertainment programming to more than 200 domestic affiliates reaching throughout the United States, including 16 of the Company's owned and operated television stations, and to affiliated stations in certain United States territories. The CBS Television Network primarily derives revenues from the sales of advertising time for its network broadcasts. CBS Television Network includes primetime comedy and drama series, reality-based programming, specials, children's programs, daytime dramas, game shows and late-night programs. CBS News operates a worldwide news organization, providing the CBS Television Network and the CBS Radio Network with regularly scheduled news and public affairs broadcasts, including 60 Minutes, CBS Evening News with Katie Couric and The Early Show, as well as special reports.
CBS News Productions, the off-network production company created by CBS News, produces programming for domestic and international outlets, including the CBS Television Network, cable television, home video, audio-book and in-flight markets, as well as schools and libraries. CBS News also provides CBS Newspath, a television news syndication service that offers daily news coverage, sports highlights and news features to the CBS Television Network affiliates and other subscribers. CBS Sports broadcasts include The NFL Today, certain games from the NCAA Division I Men's Basketball Tournament, including the NCAA Men's Final Four, golf, including the Masters Tournament and the PGA Championship, the United States Open Tennis Championships, regular-season college football and basketball line-ups on network television, in addition to the NFL's American Football Conference regular season schedule, the Postseason Divisional Playoff games and the AFC AFC championship game.
CBS Corp., through CBS Television Studios, CBS Studios International and CBS Television Distribution, produces, acquires and/or distributes programming, including series, specials, news and public affairs. Such programming is produced primarily for broadcast on network television, exhibition on basic cable and premium subscription services or distribution via first-run syndication. First-run syndication is programming exhibited on television stations without prior exhibition on a network or cable service. The Company also distributes off-network syndicated programming, which is programming exhibited on television stations or cable networks following its exhibition on a network, basic cable network or premium subscription service.
CBS Films produces and distributes theatrical motion pictures across all genres. CBS Interactive operates online content networks for information and entertainment. During 2010, CBS Films' United States theatrical releases included The Mechanic. CBS Interactive operates an online content network for information and entertainment. CBS Interactive's brands, including CNET, CBS.com, CBSSports.com, GameSpot, TV.com, BNET and CHOW, among others, serve targeted audiences with text, video, audio, and mobile content spanning technology, entertainment, sports, news, business, gaming and music categories. In addition to its United States-based business, CBS Interactive operates in Asia and Europe. During 2010, CBS Interactive's brands reached approximately 256 million monthly visitors.
CNET.com is a Website for technology and consumer electronics information. GameSpot's content includes video game reviews and previews, news, Webcasts, videos, online tournaments and game downloads. CBSSports.com owns and operates CBSCollegeSports.com and MaxPreps.com. During 2010, CBSSports.com hosted the NCAA March Madness on demand video player that provided live streaming video of the NCAA Division I Men's Basketball Championship. TV.com is a destination for entertainment and community around television where visitors can watch videos and discuss and obtain information about television shows across all networks. CBS Business Network, which consists of BNET.com and CBS MoneyWatch.com, is a business media site, offering original content, as well as one of the business libraries available on the Internet. CBS Interactive also operates CBS.com, the online destination for CBS Television Network programming. Through the CBS Audience Network, the Company delivers content from its Websites and television, radio and affiliated stations, through new and existing advertiser-supported deals.
In the Entertainment segment, the Company competes with ABC, FOX, The CW and MyNetworkTV, Disney, Sony, NBC Universal, Inc., Paramount Pictures Corporation, Walt Disney Studios Motion Pictures, Warner Bros. Entertainment, Inc., Lionsgate Entertainment, Summit Entertainment, LLC, The Weinstein Company, Metro-Goldwyn-Mayer Studios Inc., Lakeshore Entertainment Group LLC , AOL, MSN and Yahoo, Shopping.com, Amazon.com, and eBay.
Cable Networks
The Company’s Cable Networks segment consists of Showtime Networks, the Company's premium subscription program services; CBS College Sports Network, the Company's cable network devoted to college athletics, and Smithsonian Networks, a venture with Smithsonian Institution, which operates Smithsonian Channel. Showtime Networks owns and operates three commercial-free, premium subscription television program services in the United States: Showtime, offering recently released theatrical feature films, original series, documentaries, boxing, mixed martial arts and other sports-related programming, and special events; The Movie Channel, offering recently released theatrical feature films and related programming, and Flix, offering theatrical feature films primarily from the last several decades, as well as selected other titles. As of December 31, 2010, Showtime, The Movie Channel and Flix, in the aggregate, had approximately 67.1 million subscriptions in the United States, certain United States territories and Bermuda. Showtime Networks also owns and operates multiplexed channels of Showtime and The Movie Channel in the United States. Showtime Networks also operates the Website SHO.com and various mobile applications, which promote Showtime, The Movie Channel and Flix programming, and provide information and entertainment and other services.
Showtime Networks also produces and/or provides special events to licensees on a pay-per-view basis through Showtime PPV. Showtime Networks also owns a majority of and manages Smithsonian Networks, a venture with Smithsonian Institution, which operates Smithsonian Channel, a basic cable service in the United States, featuring programs of a cultural, historical, scientific and educational nature. CBS College Sports Network is a 24-hour cable program service dedicated to college sports. The network features events from approximately 15 men's and women's college sports and provides coverage of over 250 live events each year in addition to live studio shows and original programming. As of December 31, 2010, CBS College Sports Network had approximately 39.1 million subscribers.
In the Cable Networks segment, CBS Corp. competes with Home Box Office, Inc. and Starz Entertainment, LLC, Netflix, Inc., Discovery Channel, National Geographic Channel, History, ESPN, and the FOX Sports Networks.
Publishing
CBS Corp.’s Publishing segment consists of Simon & Schuster, which publishes and distributes consumer books under imprints, such as Simon & Schuster, Pocket Books, Scribner and Free Press. Simon & Schuster publishes and distributes adult and children's consumer books in printed, audio and digital formats in the United States and internationally. Digital formats include audio downloads for the Apple iPod and moving picture experts group layer-3 audio (MP3) players, electronic books for devices, such as Amazon's Kindle, the Apple iPad and Barnes & Noble's NOOK, stand-alone applications for the Apple iPod and iPhone, and new hybrid text and video combinations. Simon & Schuster's adult imprints include Simon & Schuster, Pocket Books, Scribner, Atria Books, Gallery Books, Touchstone and Free Press. Simon & Schuster's children's imprints include Simon Pulse, Aladdin and Simon & Schuster Books For Young Readers.
Simon & Schuster also develops special imprints and publishes titles based on the CBS Television Network's and Showtime Networks' products, as well as that of third parties and distributes products for other publishers. Simon & Schuster distributes its products directly and through third parties. Simon & Schuster also delivers content and promotes its products on general Internet sites, as well as those linked to individual titles; its created assets include online videos showcasing Simon & Schuster authors and new releases on YouTube, Facebook, MSN.com, SimonandSchuster.com and other sites. International publishing includes the international distribution of English-language titles through Simon & Schuster UK, Simon & Schuster Canada and Simon & Schuster Australia and other distributors, as well as the publication of local titles by Simon & Schuster UK. During 2010, Simon & Schuster published 154 titles.
In the Publishing segment, the Company competes with Random House, Penguin Group and Harper Collins.
Local Broadcasting
The Company’s Local Broadcasting segment consists of CBS Television Stations, the Company's 29 owned broadcast television stations, and CBS Radio, through which the Company owns and operates 130 radio stations in 28 United States markets and related online properties. During 2010, the Company launched local Websites in New York, Los Angeles, San Francisco and Philadelphia, among others, which combine television and radio local media brands online to provide the latest news, traffic, weather, and sports information, as well as local discounts, directories and reviews to serve the local community.
CBS Corp.owns multiple television stations within the same designated market area (DMA) in nine markets, which include Los Angeles, Philadelphia, Dallas-Fort Worth, San Francisco-Oakland-San Jose, Boston, Detroit, Miami-Ft. Lauderdale, Sacramento-Stockton-Modesto and Pittsburgh. The stations produce news and broadcast public affairs, sports and other programming to serve their local markets and offer CBS, The CW or MyNetworkTV programming and syndicated programming. The CBS Television Stations group principally derives its revenues from the sale of advertising time on its television stations. Substantially all of the Company's television stations operate Websites, which promote the stations' programming, and provide news, information and entertainment, as well as other services. These Websites principally derive revenues from the sale of advertising. The Company's radio broadcasting business operates through CBS Radio. The majority of CBS Radio's revenues are generated from the sale of local and national advertising.
In the Local Broadcasting segment, the Company competes with Clear Channel Communications, Citadel Broadcasting, Cumulus Media Inc., Emmis Communications, Entercom Communications Corporation, Radio One., Sirius XM Radio Inc., Pandora, Live 365 and Rhapsody.
Outdoor
The Company sells, through its outdoor businesses, advertising space on various media, including billboards, transit shelters, buses, rail systems (in-car, station platform and terminal), mall kiosks and stadium signage, and in retail stores. It has outdoor advertising operations in more than 100 markets in North America, including all 50 in the United States, 19 in Canada and all 45 in Mexico. The Company has a variety of outdoor advertising displays in the Netherlands, France, Italy, Puerto Rico, the Republic of Ireland, Spain, Argentina, Brazil, Uruguay, Chile and China. The Company operates its outdoor businesses through CBS Outdoor in the United States, Canada and Europe, CBS Outernet in the United States, and Vendor in Mexico. Outdoor operates in the billboard, transit, street furniture and retail store advertising markets. Outdoor primarily operates two types of billboard advertising displays, commonly referred to as bulletins and posters. Billboard space is sold for periods ranging from 4 weeks to 12 months. Transit advertising includes advertising on or in transit systems, including the interiors and exteriors of buses, trains and trams and at rail stations. Street furniture displays bus shelters, which reach both vehicular and pedestrian audiences. Bus shelters are constructed, installed and maintained by Outdoor. Outdoor is utilizing digital technology containing moving images in the London Underground, New York City subways and in retail outlets through CBS Outernet. CBS Outernet, a distributor of video programming and advertising content to retail stores, enables customized messaging by region and retail environment.
In the Outdoor segment, CBS Corp. competes with Clear Channel Outdoor Holdings, Inc., JCDecaux S.A., Cemusa Inc., Titan Outdoor Holdings, Inc., and Lamar Advertising Company.
By the end of 1997, Jordan had orchestrated $25 billion in deals to execute his strategy of turning Westinghouse into a broadcaster, a total that not only included the divestitures of the company's industrial holdings but also several important acquisitions. In 1997, Westinghouse paid $4.9 billion for Infinity Broadcasting Corporation, the second largest radio station network in the United States. Also in 1997, Jordan engineered CBS's belated push into cable by acquiring TNN (The Nashville Network) and the U.S. and Canadian operations of CMT (Country Music Television) from Gaylord Entertainment Co. for $1.55 billion. Additionally, CBS launched Eye on People, a news and entertainment network expected to bolster the broadcaster's presence in cable.
On December 1, 1997, with much of Jordan's major transformation work completed, Westinghouse changed its name to CBS Corporation and moved its headquarters from Pittsburgh to New York City. Following the sale of its power generation business to Siemens, the only vestiges of the former Westinghouse were the company's nuclear power business and a unit that handled nuclear material for the U.S. government. Both of these businesses were divested in 1998, acquired by Morrison Knudsen and British Nuclear Fuels. What remained was the newly diversified CBS, whose strength during the late 1990s had grown amid the swirl of corporate activity surrounding it. Although the network continued to attract an older audience, CBS's television ratings were encouragingly high during the late 1990s, eclipsing all rival networks. As the broadcaster prepared for the 21st century, ready to begin an eight-year, $4 billion contract with the NFL (having outbid NBC for the rights), the company's new management hoped to engineer a return to the past, back to the years when CBS dominated the industry.
2000 and Beyond
While CBS did return to supremacy, it was achieved under a different corporate structure. In 2000 CBS was acquired by Sumner Redstone's media giant Viacom Inc. for $45 billion. Under Viacom, CBS's cable networks and radio holdings were transferred to other Viacom divisions. CBS gained a new CEO, Leslie Moonves, as former CEO Mel Karmazin went on to take that position at Viacom. Within two years, Viacom had acquired and added to the CBS division the United Paramount Network (UPN), known for such programs as Buffy the Vampire Slayer and America's Next Top Model.
The ensuing success of CBS was, in part, due to the fact that "reality TV" rocked the television industry. These unscripted shows, featuring ordinary people in sometimes-extraordinary, unrehearsed situations, were a huge hit among viewers, and promised to become a cultural phenomenon with staying power. CBS's reality show Survivor was one of the most successful in the genre. Survivor, which placed a group of people from all walks of life in a secluded location and charged them with outwitting and outlasting each other in competition, pushed CBS in to first place in the 2002-2003 ratings race. Also instrumental in accelerating CBS's race to the top of the ratings was the show CSI: Crime Scene Investigation. The forensics show was a hit, edging the NBC medical drama ER away from the top of the Nielsen ratings.
During the 2003-04 television season, CBS introduced some shows that performed well, including Joan of Arcadia, and Cold Case. The network's most successful show, however, remained CSI, primetime's most-watched show (averaging 26.3 million viewers per week). In 2003, the company drew sharp criticism from some as it prepared to air a mini-series on former U.S. President Reagan and First Lady Nancy. When the show's scripts were leaked to the press, conservative and Republican interest groups protested The Reagans, which was not a necessarily sympathetic portrayal of its subjects. CBS eventually opted to shuttle the program over to Viacom's cable network Showtime for airing.
Principal Operating Units: Infinity Promotions Group; King World Productions Inc.; Paramount Television Group; Sportsline.com Inc.; United Paramount Network.
OVERALL
Beta: 2.21
Market Cap (Mil.): $17,308.78
Shares Outstanding (Mil.): 674.72
Annual Dividend: 0.20
Yield (%): 0.78
FINANCIALS
CBSa.N Industry Sector
P/E (TTM): 24.88 195.81 13.52
EPS (TTM): 213.89 -- --
ROI: 3.42 3.69 1.28
ROE: 7.69 6.07 2.12
Statistics:
Wholly Owned Subsidiary of Viacom Inc.
Incorporated: 1927 as United Independent Broadcasters, Inc.
Employees: 46,189
Sales: $7.76 billion (2003)
NAIC: 515120 Television Broadcasting
Key Dates:
1927: Columbia Broadcasting is founded.
1928: William Paley invests in the radio broadcaster and becomes president of the company.
1938: Edward R. Murrow goes to work for CBS.
1964: Company begins an acquisition spree.
1979: Company begins divesting diverse holdings.
1995: Westinghouse acquires CBS.
Name Age Since Current Position
Redstone, Sumner 87 2006 Executive Chairman of the Board
Moonves, Leslie 61 2006 President, Chief Executive Officer, Director
Redstone, Shari 57 2005 Independent Vice Chairman of the Board
Ianniello, Joseph 43 2009 Chief Financial Officer, Executive Vice President
Briskman, Louis 62 2006 Executive Vice President, General Counsel
Ambrosio, Anthony 50 2006 Executive Vice President - Human Resources and Administration
Franks, Martin 60 2006 Executive Vice President - Planning, Policy and Government Affairs
Schwartz, Gil 59 2006 Executive Vice President, Chief Communications Officer
Shilen, Thomas 51 2010 Senior Vice President, Chief Accounting Officer, Controller
Straka, Angeline 65 2006 Senior Vice President, Deputy General Counsel, Secretary
Jones, Richard 45 2006 Senior Vice President, General Tax Counsel
Rousso, Doug 2011 Chief Technology Officer
Salerno, Frederic 67 2007 Independent Director
Andelman, David 71 2000 Independent Director
Califano, Joseph 79 2003 Independent Director
Cohen, William 70 2003 Independent Director
Gifford, Charles 68 2006 Independent Director
Gordon, Bruce 65 2006 Independent Director
Goldberg, Leonard 77 2007 Independent Director
Countryman, Gary 71 2007 Independent Director
Griego, Linda 63 2007 Independent Director
Kopelson, Arnold 76 2007 Independent Director
Morris, Douglas 72 2007 Independent Director
Address:
51 West 52nd Street
New York, New York 10019
U.S.A.