CBS on the Verge of Numerous Web Deals -- WSJ

Includes: CBS, GE, GOOG, TWX
by: SA Eli Hoffmann

The Wall Street Journal reports CBS Corp. is on the verge of announcing a 'flurry of deals' to distribute TV shows and video programming to websites and portals including Microsoft's MSN, Time Warner's AOL and Joost, a new online video portal created by the founders of Skype. CBS would be the first broadcast network to sign-on with Joost. Shows to be distributed include NCIS, CSI, the Evening News with Katie Couric, and sports programming. WSJ says CBS is also in talks with a yet-unnamed NBC (owned by CBS Corp 12 04 2007 ChartGE)/News Corp. venture that is meant to compete with Google's YouTube by distributing TV, music and movies on Google rivals such as News Corp.'s MySpace and Yahoo. CBS wants 90% of the ad revenue generated, the same figure secured by the NBC/News Corp. venture. CBS had been in discussions to join the NBC and News Corp. venture, but balked at its requirement to give the venture exclusive rights to negotiate online deals. The move reflects CBS's strategy of distributing its content online, while maintaining maximum control. WSJ says the increased distribution could give CBS leverage in its ongoing negotiations with YouTube.

Sources: Wall Street Journal
Commentary: CBS Announces New Internet StrategyMore On The Online Push At CBSCBS Supercharges Online Plans
Stocks/ETFs to watch: CBS Corp. (NYSE:CBS), Time Warner Inc. (NYSE:TWX), News Corp. (NASDAQ:NWS), General Electric Co. (NYSE:GE), Google Inc. (NASDAQ:GOOG), Yahoo! Inc. (NASDAQ:YHOO). ETFs: Internet HOLDRs (NYSE:HHH), First Trust Dow Jones Internet Index (NYSEARCA:FDN), PowerShares Dynamic Media Portfolio ETF (NYSEARCA:PBS), PowerShares Dynamic Leisure & Entertainment (NYSEARCA:PEJ)

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