CBS Corporation (CBS) - NYSE
  • Dec. 15, 2015, 1:39 PM
    • Another new lawsuit filed by the ex-girlfriend of Sumner Redstone alleges that his signature was forged on a key document with the suggestion that he is being manipulated in business and personal affairs.
    • Manuela Herzer has been pursuing legal action after her removal as Redstone's healthcare agent on Oct. 16. A document signed in November allowing her to remove belongings from his home had Redstone's signature forged, Herzer alleges.
    • She's renewing her call for a medical examination before a January court hearing, and the judge has agreed to hold a new hearing on the issue next Monday.
    • Philippe Dauman, CEO of Viacom (VIA +1%, VIAB +1.3%) had replaced Herzer on Redstone's healthcare directive, and has defended Redstone's mental competence. The cases have raises a swirl of succession questions, however, among investors at Viacom and at CBS (CBS +1.5%) -- companies at which Redstone is executive chairman.
    • Previously: Viacom chief: Redstone plans in place; retain 'decency' in speculation (Dec. 07 2015)
    • Previously: Viacom statement: Redstone physicians say he's 'mentally capable' (Dec. 02 2015)
    • Previous Redstone coverage
    | Dec. 15, 2015, 1:39 PM | 1 Comment
  • Dec. 10, 2015, 9:28 AM
    • Netflix (NASDAQ:NFLX) scored more Golden Globe nominations than any of the broadcast networks with a tally of eight.
    • Amazon (NASDAQ:AMZN) did well with series Transparent and Mozart in the Jungle nominated.
    • Hulu landed its first Golden Globe nomination with the comedy Casual up for best comedy/musical award.
    • HBO (NYSE:TWX) leaned on Silicon Valley, Game of Thrones, and Veep for solid representation.
    • Nearly missing in action were ABC (NYSE:DIS), CBS (NYSE:CBS), and NBC (NASDAQ:CMCSA) which lost ground to streamers and smaller cable networks.
    • The movie studio with the most nominations was 20th Century Fox (NASDAQ:FOXA) with 12. The Martian and The Revenant are both in line for some hardware for Fox.
    • Golden Globes nominations full list (.pdf)
    | Dec. 10, 2015, 9:28 AM | 37 Comments
  • Dec. 7, 2015, 5:57 PM
    • CBS chief Les Moonves spoke up for broadcast TV (and for CBS prospects in a cordless future) at the UBS investor conference today, saying “network television is still strong and still creates quality content.”
    • He also pointed to taking part in the FCC's broadcast incentive auction coming next year for wireless airwaves, saying it could amount to "a couple of hundred million extra dollars coming our way." There are four or five markets where CBS could submit spectrum into the auction, he said.
    • There's been no "grand slam home run" hits this season, but he notes that aftermarket and other platforms are up, and he repeated his common refrain about cord-cutting: CBS will be in all the bundles, because nobody can live without CBS.
    • Moonves also echoed earlier comments by Philippe Dauman stifling speculation about CBS Chairman Sumner Redstone, saying the mogul's health "hasn’t been a distraction. And nothing is going to change.”
    • The Super Bowl's not sold out yet, but: “We could close it out tomorrow if we wanted. But as you get closer and closer to the game there’s some advertiser ... who’s going to beg us for two spots.” And on ads in general, he's psyched for the election, with so many GOP candidates “throwing crap at each other ... Go Donald. This is fun.”
    | Dec. 7, 2015, 5:57 PM | 2 Comments
  • Dec. 7, 2015, 12:50 PM
    • Despite increasing media "hyperventilation" about succession plans at Viacom (VIA +0.9%, VIAB +0.7%) and CBS for Sumner Redstone, estate plans have been set for decades, Viacom chief Philippe Dauman says.
    • Speaking at a UBS investor conference, Dauman says that while he is the backup on Redstone's medical directives, he speaks to him several times a week and Redstone is making his own medical decisions.
    • He's calling for those covering Redstone to look in the mirror and "retain a sense of decency" in their reporting.
    • Viacom will be run the same way in the event of any incapacitation on Redstone's part, Dauman says, and success will hinge on its ability to create great content.
    | Dec. 7, 2015, 12:50 PM | 1 Comment
  • Dec. 2, 2015, 2:38 PM
    • Mario Gabelli has jumped into the Sumner Redstone competency drama, calling for more information about the 92-year-old mogul even though a judge has postponed another look until the end of January.
    • Gabelli is the second-largest shareholder in Viacom (VIA -3.4%, VIAB -3.9%) and told Reuters he left a message at the company on Tuesday seeking disclosure about the mental competence of Redstone, chairman of Viacom and of CBS (CBS -2.2%).
    • He wasn't worried after reading the suit -- he was worried about the press. "Too many people are calling me and saying: 'What's really going on?' " Gabelli says.
    • "It would be appropriate for a company trading on the New York Stock Exchange to basically make a statement with some kind of veracity ... Is he or isn't he in the position where he should be chairman emeritus or something?"
    • Previously: Viacom, CBS face tricky challenge with Redstone health issues (Dec. 01 2015)
    • Previously: Judge: No need for immediate exam of Redstone competence (Nov. 30 2015)
    • Previously: Mogul Redstone denies lawsuit's claim of incapacitation (Nov. 25 2015)
    | Dec. 2, 2015, 2:38 PM
  • Dec. 1, 2015, 7:48 PM
    • The lawsuit filed by an ex-girlfriend against 92-year-old Sumner Redstone doesn't name Viacom (VIA, VIAB) or CBS in the filings. But sooner than later, the two companies likely face awkward dealings over succession which the suit is spurring on.
    • A probate judge has postponed an investigation of Redstone's mental competence until January. Any finding of impairment will put the two companies Redstone chairs in the simultaneous (and difficult) position of defending his ability to control them while working on succession behind the scenes, Variety notes.
    • The fact that Redstone (through National Amusements) maintains board chairman decision-making powers means the two companies have public obligations to disclose material details of his health.
    • The case filed by Manuela Herzer seeks to reverse the transfer of Redstone's advanced healthcare directive -- that's now in the hands of Viacom CEO Philippe Dauman, which doesn't simplify matters for Viacom -- and expulsion from his home.
    • Previously: Judge: No need for immediate exam of Redstone competence (Nov. 30 2015)
    • Previously: Mogul Redstone denies lawsuit's claim of incapacitation (Nov. 25 2015)
    | Dec. 1, 2015, 7:48 PM | 3 Comments
  • Nov. 30, 2015, 7:49 PM
    • The ex-girlfriend of Sumner Redstone has lost a motion in her mental-competence suit, as a California court has rejected a request for an immediate medical evaluation.
    • "I do not find any urgency" for an immediate exam, ruled Judge Clifford Klein, noting that Redstone sees his personal physician regularly, isn't suffering from a critical health condition, has full-time care, and has Philippe Dauman (Viacom CEO, also an attorney) as his health agent.
    • Succession questions have engaged investors in the companies at which Redstone holds control: CBS (CBS -0.5%) and Viacom (VIA -2.2%, VIAB -2.7%).
    | Nov. 30, 2015, 7:49 PM
  • Nov. 25, 2015, 3:16 PM
    • Ongoing drama around the health of Sumner Redstone resulted today in Redstone's team issuing a statement denying claims that he's incapacitated.
    • A lawsuit filed by one-time girlfriend Manuela Herzer claims that he is mentally impaired and unable to make decisions in a home that has "become a de facto intensive care unit."
    • The suit is challenging an Oct. 12 decision to expel Herzer from Redstone's home, and the transfer of Redstone's advance healthcare directive from Herzer to Viacom CEO Philippe Dauman.
    • Herzer's suit is a "meritless action, riddled with lies, and a despicable invasion of his privacy," says Redstone's statement.
    • The health of the 92-year-old media mogul has become a subject in rampant succession discussions at the two companies where he is chairman of the board: CBS (CBS +0.7%) and Viacom (VIA +1.6%, VIAB +1.9%).
    • Elsewhere, FBR Capital raised its price target on Viacom to $65 on optimism about its potential breakup value. Shares in VIAB are up 1.9% to $51.86 (more than 25% upside potential in FBR's target).
    | Nov. 25, 2015, 3:16 PM | 2 Comments
  • Nov. 24, 2015, 9:47 AM
    • CBS (NYSE:CBS) declares $0.15/share quarterly dividend, in line with previous.
    • Forward yield 1.19%
    • Payable Jan. 1; for shareholders of record Dec. 11; ex-div Dec. 9.
    | Nov. 24, 2015, 9:47 AM
  • Nov. 23, 2015, 7:19 PM
    • Slowly but steadily growing streaming service CBS All Access has launched an app for Amazon's Fire TV platform (Fire TV box and Fire TV Stick).
    • The move means that the service is available on the Web, iOS/Android devices, Apple TV, Roku hardware, Android TV hardware, and Google's Chromecast, with more platforms on the way, CBS says.
    • CBS launched the $5.99/month service in 2014 and gradually convinced affiliates to join, as it offers local live feeds in 110 markets (about 75% of the U.S.) along with library content.
    • The network also made a splash this month by announcing that it would produce a new Star Trek TV series that would appear exclusively on CBS All Access. It's also at the center of Nielsen's Total Audience Measurement push.
    | Nov. 23, 2015, 7:19 PM | 1 Comment
  • Nov. 19, 2015, 7:53 PM
    • Sports broadcasters have been enjoying an ad bonanza from the rapidly growing daily fantasy sports industry -- try to watch a game this year without uncountable ads from DraftKings and FanDuel -- but a crackdown on those two firms and their industry could run out the clock on the party, analysts say.
    • The two companies combined spent $118M on TV ads in September, says Michael Nathanson -- that's AT&T-level ($129.2M) money. And most of it goes to ESPN (DIS +0.5%), followed closely by Fox Sports (FOX -1%, FOXA -1.2%).
    • "While the category is not as large as autos, films, health care or consumer products, the birth of a new category was incremental to the [TV] market and had to be a factor in [Q3's] upside to ad estimates," Nathanson writes.
    • NBCUniversal (CMCSA +0.1%) and CBS (CBS +0.9%) are also benefiting, to a lesser extent, from the fantasy spending.
    • Bernstein's Todd Juenger said the spending gains may be "unsustainable," adding "Daily fantasy sports sites may not even exist next year. Even if they do, the probability that they grow, again, at these rates is very low."
    | Nov. 19, 2015, 7:53 PM | 13 Comments
  • Nov. 18, 2015, 3:33 PM
    • FBR Capital has reiterated its Outperform rating on CBS (CBS +1.1%), but moved its estimates lower closer to consensus expectations.
    • The firm's not changing its underlying TV assumptions, but key changes in parts of the business have it reducing its previous 2015 EPS estimate of $3.46 (a Street high) to $3.35. Analyst consensus expects $3.34 EPS.
    • "We are lowering our Street-high 2015 EPS estimate ... to reflect higher NFL costs, a higher mix of fixed-rate cable subscribers at Showtime, and the absence of year-ago Bell Canada revenues at Showtime," wrote analyst William Bird.
    • The firm has a $66 price target; shares closed yesterday at $50.78 and are currently trading at $51.34, implying 28.6% upside from here.
    | Nov. 18, 2015, 3:33 PM
  • Nov. 17, 2015, 5:19 PM
    • The Hallmark Channel (CRWN +1.7%) is taking advantage of November's onset, switching to all holiday programming all the time and jumping to third in last week's cable ratings, averaging 1.78M viewers.
    • The channel plans original films each year, and I'm Not Ready for Christmas drew 3.6M viewers on Saturday while Christmas Inc. pulled 2.5M on Sunday.
    • For the week, Hallmark finished behind ESPN (DIS, 2.71M viewer average) and Fox News (FOX, FOXA, 2.29M average). It's planning original movies for each night during the Thanksgiving holiday weekend as well, and viewership for the first two weeks of November are up 89% over October's average.
    • CBS won prime time among big broadcasters again, averaging 10.2M viewers, ahead of NBC (CMCSA, 8.3M), ABC (6.2M) and Fox (3.6M).
    • NBC Nightly News won newscasts with 9.3M, ahead of ABC's World News Tonight with 8.8M.
    | Nov. 17, 2015, 5:19 PM | 1 Comment
  • Nov. 16, 2015, 8:38 PM
    • With a weak midseason slate as competition, Bond film Spectre (SNE +0.5%) again had to contend mainly with The Peanuts Movie kids (FOX +2%, FOXA +2.1%) before prevailing for the second straight weekend.
    • Spectre drew $35.4M, bringing its cumulative domestic take to $130.7M, while Charlie Brown and friends pulled $24M (hitting $82.3M total) for the second spot.
    • The best debut came from inexpensive holiday comedy Love the Coopers (CBS +2.1%, LGF distributing), taking the No. 3 spot with $8.4M, just ahead of Fox's The Martian, which brought its domestic total to $207.4M in its seventh week. That film moved into seventh place among the year's top grossers.
    • The weekend overall was down 23% Y/Y, a mild lull before the release of the final Hunger Games film from Lionsgate next week.
    | Nov. 16, 2015, 8:38 PM
  • Nov. 12, 2015, 10:31 AM
    • CBS Studios International has set a multi-year licensing deal with PPTV, China's leading video streaming service.
    • That will cover streaming rights to CBS and Showtime programming in China. PPTV has 400M users streaming programming on PCs and mobile devices.
    • CBS Studios is a leading provider of U.S. programming internationally, with 18 channels in 24 languages crossing 100 territories with an aggregate 70M households.
    • The deal may also make a watershed difference in CBS plans for its upcoming new Star Trek TV series, which will be exclusively distributed via streaming. "So right away, we’re going to be more than half way home just on the cost of the show just on international alone," CEO Les Moonves said on the company's last earnings call.
    | Nov. 12, 2015, 10:31 AM
  • Nov. 3, 2015, 4:31 PM
    • CBS is off 1.8% after hours, following Q3 results where it marked a solid profit beat despite revenues that missed slightly after dipping 3.3% from last year.
    • Cable Network revenues took the brunt of the revenue fall, down nearly 16%.
    • Revenue by segment: Entertainment, $1.93B (up 1%); Cable Networks, $526M (down 15.7%); Publishing, $203M (up 2%); Local Broadcasting, $638M (down 6.2%).
    • Revenue by type: Advertising, $1.48B; Content licensing and distribution, $1.05B; Affiliate and subscription fees, $664M; other, $66M.
    • Conference call to come at 4:30 p.m. ET.
    | Nov. 3, 2015, 4:31 PM | 1 Comment
Company Description
CBS Corp. operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. The company operates through five segments: Entertainment, Cable Networks, Publishing and Local Broadcasting. The Entertainment segment is composed of... More
Sector: Services
Industry: Broadcasting - TV
Country: United States