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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash to Debt 0.04
CBS's Cash to Debt is ranked lower than
92% of the 392 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.22 vs. CBS: 0.04 )
Ranked among companies with meaningful Cash to Debt only.
CBS' s 10-Year Cash to Debt Range
Min: 0.02  Med: 0.10 Max: N/A
Current: 0.04
Equity to Asset 0.27
CBS's Equity to Asset is ranked lower than
81% of the 335 Companies
in the Global Media - Diversified industry.

( Industry Median: 0.50 vs. CBS: 0.27 )
Ranked among companies with meaningful Equity to Asset only.
CBS' s 10-Year Equity to Asset Range
Min: 0.27  Med: 0.49 Max: 0.71
Current: 0.27
0.27
0.71
Interest Coverage 7.98
CBS's Interest Coverage is ranked lower than
68% of the 215 Companies
in the Global Media - Diversified industry.

( Industry Median: 70.97 vs. CBS: 7.98 )
Ranked among companies with meaningful Interest Coverage only.
CBS' s 10-Year Interest Coverage Range
Min: 0.91  Med: 4.61 Max: 9999.99
Current: 7.98
0.91
9999.99
F-Score: 5
Z-Score: 0.73
M-Score: -2.08
WACC vs ROIC
14.92%
11.95%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating margin (%) 20.44
CBS's Operating margin (%) is ranked higher than
82% of the 388 Companies
in the Global Media - Diversified industry.

( Industry Median: 5.93 vs. CBS: 20.44 )
Ranked among companies with meaningful Operating margin (%) only.
CBS' s 10-Year Operating margin (%) Range
Min: -107.52  Med: 11.68 Max: 21.6
Current: 20.44
-107.52
21.6
Net-margin (%) 21.00
CBS's Net-margin (%) is ranked higher than
92% of the 388 Companies
in the Global Media - Diversified industry.

( Industry Median: 3.02 vs. CBS: 21.00 )
Ranked among companies with meaningful Net-margin (%) only.
CBS' s 10-Year Net-margin (%) Range
Min: -123.51  Med: 5.53 Max: 21.43
Current: 21
-123.51
21.43
ROE (%) 37.60
CBS's ROE (%) is ranked higher than
94% of the 371 Companies
in the Global Media - Diversified industry.

( Industry Median: 3.61 vs. CBS: 37.60 )
Ranked among companies with meaningful ROE (%) only.
CBS' s 10-Year ROE (%) Range
Min: -77.64  Med: 2.88 Max: 34.94
Current: 37.6
-77.64
34.94
ROA (%) 11.66
CBS's ROA (%) is ranked higher than
89% of the 395 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.51 vs. CBS: 11.66 )
Ranked among companies with meaningful ROA (%) only.
CBS' s 10-Year ROA (%) Range
Min: -34.58  Med: 1.57 Max: 11.73
Current: 11.66
-34.58
11.73
ROC (Joel Greenblatt) (%) 70.93
CBS's ROC (Joel Greenblatt) (%) is ranked higher than
79% of the 389 Companies
in the Global Media - Diversified industry.

( Industry Median: 12.09 vs. CBS: 70.93 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
CBS' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -421.8  Med: 55.10 Max: 99.49
Current: 70.93
-421.8
99.49
Revenue Growth (3Y)(%) 7.10
CBS's Revenue Growth (3Y)(%) is ranked higher than
68% of the 303 Companies
in the Global Media - Diversified industry.

( Industry Median: 2.70 vs. CBS: 7.10 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
CBS' s 10-Year Revenue Growth (3Y)(%) Range
Min: -18  Med: 3.90 Max: 7.4
Current: 7.1
-18
7.4
EBITDA Growth (3Y)(%) 3.10
CBS's EBITDA Growth (3Y)(%) is ranked lower than
52% of the 233 Companies
in the Global Media - Diversified industry.

( Industry Median: 4.20 vs. CBS: 3.10 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
CBS' s 10-Year EBITDA Growth (3Y)(%) Range
Min: -36.8  Med: 3.10 Max: 40.2
Current: 3.1
-36.8
40.2
EPS Growth (3Y)(%) 5.70
CBS's EPS Growth (3Y)(%) is ranked higher than
55% of the 205 Companies
in the Global Media - Diversified industry.

( Industry Median: 2.10 vs. CBS: 5.70 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
CBS' s 10-Year EPS Growth (3Y)(%) Range
Min: -43.1  Med: 18.10 Max: 428.3
Current: 5.7
-43.1
428.3
» CBS's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q3 2014

CBS Guru Trades in Q3 2014

Lee Ainslie 4,827,970 sh (New)
Third Avenue Management 693,100 sh (New)
Ray Dalio 138,684 sh (+364.07%)
Chase Coleman 1,596,526 sh (+334.40%)
Louis Moore Bacon 782,294 sh (+44.23%)
David Tepper 2,855,078 sh (+31.95%)
Mario Gabelli 613,338 sh (+5.04%)
John Rogers 1,316,859 sh (+3.63%)
Pioneer Investments 1,095,280 sh (unchged)
Eric Mindich 4,500,000 sh (unchged)
John Paulson Sold Out
Jana Partners Sold Out
Jeremy Grantham Sold Out
Scott Black 157,000 sh (-5.08%)
Eric Mindich 5,068,486 sh (-10.91%)
Murray Stahl 1,083,791 sh (-11.36%)
George Soros 369,139 sh (-20.09%)
Larry Robbins 4,254,448 sh (-20.12%)
Jim Simons 599,500 sh (-23.39%)
Paul Tudor Jones 22,910 sh (-29.41%)
Steven Cohen 437,300 sh (-48.66%)
» More
Q4 2014

CBS Guru Trades in Q4 2014

First Pacific Advisors 66,000 sh (New)
Julian Robertson 27,500 sh (New)
John Burbank 418,000 sh (New)
Richard Perry 1,700,000 sh (New)
Martin Whitman 809,000 sh (New)
Pioneer Investments 2,242,530 sh (+104.74%)
George Soros 711,992 sh (+92.88%)
Third Avenue Management 1,253,973 sh (+80.92%)
Larry Robbins 7,519,648 sh (+76.75%)
John Rogers 1,720,057 sh (+30.62%)
Scott Black 184,862 sh (+17.75%)
Mario Gabelli 674,923 sh (+10.04%)
Eric Mindich 4,500,000 sh (unchged)
Chase Coleman Sold Out
David Tepper Sold Out
Paul Tudor Jones Sold Out
Jim Simons Sold Out
Ray Dalio Sold Out
Lee Ainslie 4,409,143 sh (-8.68%)
Eric Mindich 3,645,786 sh (-28.07%)
Murray Stahl 769,616 sh (-28.99%)
Louis Moore Bacon 450,000 sh (-42.48%)
Steven Cohen 64,800 sh (-85.18%)
» More
Q1 2015

CBS Guru Trades in Q1 2015

Paul Tudor Jones 19,392 sh (New)
Joel Greenblatt 34,083 sh (New)
Richard Perry 2,000,000 sh (+17.65%)
Pioneer Investments 2,338,443 sh (+4.28%)
Third Avenue Management 1,303,597 sh (+3.96%)
John Rogers 1,753,813 sh (+1.96%)
Martin Whitman 923,300 sh (+14.13%)
First Pacific Advisors 66,000 sh (unchged)
Mario Gabelli 674,953 sh (unchged)
Julian Robertson 27,500 sh (unchged)
Steven Cohen Sold Out
Lee Ainslie Sold Out
Eric Mindich Sold Out
Scott Black 184,757 sh (-0.06%)
Larry Robbins 6,895,366 sh (-8.30%)
Murray Stahl 583,901 sh (-24.13%)
George Soros 465,607 sh (-34.61%)
Louis Moore Bacon 244,495 sh (-45.67%)
John Burbank 49,162 sh (-88.24%)
» More
2015

CBS Guru Trades in 2015

Martin Whitman 923,300 sh (unchged)
» More
» Details

Insider Trades

Latest Guru Trades with CBS

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

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Guru Investment Theses on CBS Corp

Third Avenue Value Fund Comments on CBS Corp - Dec 12, 2014

Content Trumps Distribution at CBS (CBS)



During the quarter the Fund initiated a position in CBS Corporation. CBS derives revenues from i) advertising on its owned and operated TV and radio networks, ii) content licensing and distribution and iii) affiliate and subscription fees (retransmission fees). The investment opportunity presented itself when shares sold off in the quarter, likely due to the unwinding of short-term event driven positions in the stock following the spin-off of its outdoor advertising unit, CBS Outdoors, and short-term concerns over a softer ad market.



However, we believe the long-term investment case is compelling, as the company is well positioned to capitalize on a new phase of industry transformation where boundaries between distribution and content are being blurred. The new paradigm is likely to benefit the content owners over distributors as the digital revolution has opened multiple new avenues of distribution that will compete for quality content. This change in relative leverage in the media value chain is likely to translate into earnings growth via i) retransmission fees and ii) content monetization. We believe CBS will benefit significantly from this secular change as it is one of the best curators of content in the industry. Over the last decade, the mix of the 20 highest rated shows in the US has changed meaningfully, but the one constant factor has been CBS’s ability to get eight to ten of the top 20 shows consistently, something which no other network has come even close to matching. At its core, this ability to consistently create top notch programming is what differentiates CBS management from all the other networks, in our view. CBS should benefit from incremental demand from content distributors, including TV networks, Subscription Video on Demand (SVOD), and virtual MVPDs (multichannel video programming distributors).



CBS is also leading the way in pushing for broadcast station retransmission fees and has grown EBITDA contribution from its retransmission by 18 times to approximately $500 million since 2008 and is targeting $1 billion in retransmission revenue by 2017 and $2 billion by 2020. As of now the company is pacing ahead of its $2 billion target. As these high margin fees are a “new” source of revenues for existing content, they almost entirely flow down to earnings. Furthermore, CBS has a strong balance sheet with net debt to EBITDA of 1.6x, and is able to generate $1.5 billion to $2 billion of free cash flow per year. CBS is embarking on a $6 billion share buy-back program, allowing it to retire close to 20% of its outstanding shares in the coming six quarters.



We believe CBS presents a compelling investment opportunity, with our cost basis at a meaningful 20% discount to our conservative estimate of NAV, and is likely to continue to grow NAV at 10%+ a year via i) retransmission fees, ii) content monetization and iii) share buyback. While short-term volatility around advertising spot market prices should be expected over our initial three to five year horizon, more material risks that would lead us to reconsider our investment would include an inability to continue to produce high quality content or a failure to achieve a higher normalized compensation level for this content.



From Third Avenue Value Fund’s 4Q 2014 Portfolio Manager Commentary.



Check out Martin Whitman latest stock trades

Gabelli Asset Management Comments on CBS Corp - May 13, 2014

CBS Corp. (4.4%) (CBS)(CBS - $61.89 - NYSE) operates the CBS television network and the premium cable network Showtime, owns 29 local television stations and 130 radio stations, and is the third largest international outdoor advertising network. We believe CBS has a number of opportunities to generate incremental non-advertising revenue from the sale of existing content to online video distributors (OVDs) and the retransmission of content agreements with traditional distributors. In addition, we expect a continued recovery in advertising to contribute to earnings growth. Finally, we believe financial engineering, including the announced $3 billion share buyback and the expected split-off and REIT conversion of CBS Outdoor, could act as a catalyst for shares.

From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund first quarter 2014 shareholder commentary.

Check out Mario Gabelli latest stock trades

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Ratios

vs
industry
vs
history
P/E(ttm) 10.75
CBS's P/E(ttm) is ranked higher than
84% of the 240 Companies
in the Global Media - Diversified industry.

( Industry Median: 23.20 vs. CBS: 10.75 )
Ranked among companies with meaningful P/E(ttm) only.
CBS' s 10-Year P/E(ttm) Range
Min: 8.55  Med: 17.16 Max: 64.45
Current: 10.75
8.55
64.45
Forward P/E 13.07
CBS's Forward P/E is ranked higher than
65% of the 127 Companies
in the Global Media - Diversified industry.

( Industry Median: 16.84 vs. CBS: 13.07 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 23.90
CBS's PE(NRI) is ranked higher than
50% of the 238 Companies
in the Global Media - Diversified industry.

( Industry Median: 23.70 vs. CBS: 23.90 )
Ranked among companies with meaningful PE(NRI) only.
CBS' s 10-Year PE(NRI) Range
Min: 8.65  Med: 18.94 Max: 50.08
Current: 23.9
8.65
50.08
P/B 4.44
CBS's P/B is ranked lower than
76% of the 362 Companies
in the Global Media - Diversified industry.

( Industry Median: 2.12 vs. CBS: 4.44 )
Ranked among companies with meaningful P/B only.
CBS' s 10-Year P/B Range
Min: 0.27  Med: 1.71 Max: 5.42
Current: 4.44
0.27
5.42
P/S 2.18
CBS's P/S is ranked lower than
57% of the 375 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.76 vs. CBS: 2.18 )
Ranked among companies with meaningful P/S only.
CBS' s 10-Year P/S Range
Min: 0.17  Med: 1.58 Max: 10.79
Current: 2.18
0.17
10.79
PFCF 29.58
CBS's PFCF is ranked lower than
72% of the 181 Companies
in the Global Media - Diversified industry.

( Industry Median: 17.75 vs. CBS: 29.58 )
Ranked among companies with meaningful PFCF only.
CBS' s 10-Year PFCF Range
Min: 1.74  Med: 14.50 Max: 61.6
Current: 29.58
1.74
61.6
POCF 24.94
CBS's POCF is ranked lower than
78% of the 238 Companies
in the Global Media - Diversified industry.

( Industry Median: 12.00 vs. CBS: 24.94 )
Ranked among companies with meaningful POCF only.
CBS' s 10-Year POCF Range
Min: 1.35  Med: 11.45 Max: 47.02
Current: 24.94
1.35
47.02
EV-to-EBIT 14.64
CBS's EV-to-EBIT is ranked higher than
58% of the 259 Companies
in the Global Media - Diversified industry.

( Industry Median: 16.55 vs. CBS: 14.64 )
Ranked among companies with meaningful EV-to-EBIT only.
CBS' s 10-Year EV-to-EBIT Range
Min: -8.5  Med: 9.90 Max: 46.7
Current: 14.64
-8.5
46.7
PEG 1.44
CBS's PEG is ranked higher than
64% of the 104 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.92 vs. CBS: 1.44 )
Ranked among companies with meaningful PEG only.
CBS' s 10-Year PEG Range
Min: 0.89  Med: 1.47 Max: 2.41
Current: 1.44
0.89
2.41
Shiller P/E 22.55
CBS's Shiller P/E is ranked lower than
51% of the 162 Companies
in the Global Media - Diversified industry.

( Industry Median: 22.38 vs. CBS: 22.55 )
Ranked among companies with meaningful Shiller P/E only.
CBS' s 10-Year Shiller P/E Range
Min: 21.79  Med: 24.69 Max: 151.27
Current: 22.55
21.79
151.27
Current Ratio 1.69
CBS's Current Ratio is ranked higher than
54% of the 344 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.55 vs. CBS: 1.69 )
Ranked among companies with meaningful Current Ratio only.
CBS' s 10-Year Current Ratio Range
Min: 0.9  Med: 1.23 Max: 6.75
Current: 1.69
0.9
6.75
Quick Ratio 1.44
CBS's Quick Ratio is ranked higher than
51% of the 344 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.39 vs. CBS: 1.44 )
Ranked among companies with meaningful Quick Ratio only.
CBS' s 10-Year Quick Ratio Range
Min: 0.58  Med: 1.03 Max: 6.21
Current: 1.44
0.58
6.21
Days Inventory 38.73
CBS's Days Inventory is ranked lower than
70% of the 277 Companies
in the Global Media - Diversified industry.

( Industry Median: 9999.00 vs. CBS: 38.73 )
Ranked among companies with meaningful Days Inventory only.
CBS' s 10-Year Days Inventory Range
Min: 17.68  Med: 42.18 Max: 112.17
Current: 38.73
17.68
112.17
Days Sales Outstanding 89.66
CBS's Days Sales Outstanding is ranked lower than
63% of the 327 Companies
in the Global Media - Diversified industry.

( Industry Median: 68.30 vs. CBS: 89.66 )
Ranked among companies with meaningful Days Sales Outstanding only.
CBS' s 10-Year Days Sales Outstanding Range
Min: 48.18  Med: 71.97 Max: 91.45
Current: 89.66
48.18
91.45

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.07
CBS's Dividend Yield is ranked lower than
74% of the 338 Companies
in the Global Media - Diversified industry.

( Industry Median: 2.10 vs. CBS: 1.07 )
Ranked among companies with meaningful Dividend Yield only.
CBS' s 10-Year Dividend Yield Range
Min: 0.65  Med: 1.21 Max: 25.22
Current: 1.07
0.65
25.22
Dividend Payout 0.24
CBS's Dividend Payout is ranked higher than
68% of the 183 Companies
in the Global Media - Diversified industry.

( Industry Median: 0.39 vs. CBS: 0.24 )
Ranked among companies with meaningful Dividend Payout only.
CBS' s 10-Year Dividend Payout Range
Min: 0.05  Med: 0.19 Max: 2.5
Current: 0.24
0.05
2.5
Dividend growth (3y) 15.60
CBS's Dividend growth (3y) is ranked higher than
77% of the 104 Companies
in the Global Media - Diversified industry.

( Industry Median: 4.30 vs. CBS: 15.60 )
Ranked among companies with meaningful Dividend growth (3y) only.
CBS' s 10-Year Dividend growth (3y) Range
Min: 0  Med: -40.30 Max: 45.5
Current: 15.6
0
45.5
Yield on cost (5-Year) 3.27
CBS's Yield on cost (5-Year) is ranked higher than
61% of the 350 Companies
in the Global Media - Diversified industry.

( Industry Median: 2.31 vs. CBS: 3.27 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
CBS' s 10-Year Yield on cost (5-Year) Range
Min: 1.98  Med: 3.69 Max: 76.97
Current: 3.27
1.98
76.97
Share Buyback Rate 6.30
CBS's Share Buyback Rate is ranked higher than
91% of the 225 Companies
in the Global Media - Diversified industry.

( Industry Median: -1.00 vs. CBS: 6.30 )
Ranked among companies with meaningful Share Buyback Rate only.
CBS' s 10-Year Share Buyback Rate Range
Min: 20.9  Med: 3.50 Max: -34.7
Current: 6.3

Valuation & Return

vs
industry
vs
history
Price/Projected FCF 1.29
CBS's Price/Projected FCF is ranked higher than
56% of the 196 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.50 vs. CBS: 1.29 )
Ranked among companies with meaningful Price/Projected FCF only.
CBS' s 10-Year Price/Projected FCF Range
Min: 0.1  Med: 1.06 Max: 3.29
Current: 1.29
0.1
3.29
Price/Median PS Value 1.42
CBS's Price/Median PS Value is ranked lower than
64% of the 346 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.14 vs. CBS: 1.42 )
Ranked among companies with meaningful Price/Median PS Value only.
CBS' s 10-Year Price/Median PS Value Range
Min: 0.12  Med: 1.50 Max: 11.99
Current: 1.42
0.12
11.99
Price/Peter Lynch Fair Value 2.01
CBS's Price/Peter Lynch Fair Value is ranked lower than
56% of the 75 Companies
in the Global Media - Diversified industry.

( Industry Median: 1.65 vs. CBS: 2.01 )
Ranked among companies with meaningful Price/Peter Lynch Fair Value only.
CBS' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.64  Med: 2.20 Max: 6.66
Current: 2.01
0.64
6.66
Earnings Yield (Greenblatt) (%) 6.80
CBS's Earnings Yield (Greenblatt) (%) is ranked higher than
73% of the 386 Companies
in the Global Media - Diversified industry.

( Industry Median: 3.10 vs. CBS: 6.80 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
CBS' s 10-Year Earnings Yield (Greenblatt) (%) Range
Min: 2.1  Med: 8.90 Max: 14.7
Current: 6.8
2.1
14.7
Forward Rate of Return (Yacktman) (%) 15.99
CBS's Forward Rate of Return (Yacktman) (%) is ranked higher than
68% of the 178 Companies
in the Global Media - Diversified industry.

( Industry Median: 9.53 vs. CBS: 15.99 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) (%) only.
CBS' s 10-Year Forward Rate of Return (Yacktman) (%) Range
Min: -13.8  Med: 8.30 Max: 70.1
Current: 15.99
-13.8
70.1

Business Description

Industry: Entertainment » Media - Diversified
Compare:TV, GTN, SKDTY, TVBCY, PBSFY » details
Traded in other countries:C5S1.Germany, C5S.Germany,
CBS Corp was originally incorporated in Delaware on November 10, 1986 under the name Arsenal Holdings, Inc. It is a mass media company. The Company operates businesses within the media and entertainment industries, including the CBS Television Network, cable networks, content production and distribution, television and radio stations, Internet-based businesses, and consumer publishing. The Company operates in four segments that include Entertainment, Cable Networks, Publishing and Local Broadcasting. Entertainment is composed of the CBS Television Network; CBS Television Studios; CBS Global Distribution Group (composed of CBS Studios International and CBS Television Distribution); CBS Interactive; and CBS Films; Cable Networks is composed of Showtime Networks, which operates the Company's premium subscription program services, Showtime, The Movie Channel, and Flix; CBS Sports Network, the Company's cable network focused on college athletics and other sports; and Smithsonian Networks, a venture between Showtime Networks and Smithsonian Institution, which operates Smithsonian Channel, a basic cable program service. Publishing is composed of Simon & Schuster, which publishes and distributes consumer books under imprints such as Simon & Schuster, Pocket Books, Scribner and Atria Books. Local Broadcasting is composed of CBS Television Stations, the Company's 30 owned broadcast television stations; and CBS Radio, through which the Company owns and operates 117 radio stations in 26 United States markets. It operates in United Kingdom, Other Europe, Canada, Asia and Other. The Company's businesses operate and have customers worldwide. 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 entertainment companies such as The Walt Disney Company, NBCUniversal Media, LLC, Twenty-First Century Fox, Inc., Time Warner Inc., Cumulus Media Inc. and iHeartMedia, Inc. The Company creates, owns, distributes and exploits under licenses intellectual property worldwide. The following logos, trade names, trademarks and related trademark families are among those strongly identified with the product lines the Company represent and are assets of the Company: CBS, CBS Entertainment, CBS News, CBS Sports, CBSSports.com, CBS All AccessTM CNET, CBS Radio, Showtime, Showtime Anytime, The Movie Channel, Flix, CBS Films, CBS Audience Network, TV.com, Last.fm, MetroLyrics, CSI:, NCIS, Entertainment Tonight, Star Trek, Simon & Schuster, CBS Sports Network, CBS Interactive and all the call letters for the Company's television and radio stations. The Company's businesses are either subject to or affected by regulations of federal, state and local governmental authorities in the U.S. and of national, regional and local authorities in foreign countries.
» More Articles for CBS

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