During the quarter, we initiated a position in CBS Corporation (NYSE:CBS), a leading entertainment company that is also held within Ariel Appreciation Fund. With its collection of valued media assets, growing retransmission fees for the right to carry the CBS signal, reverse compensation from its affiliates, video streaming deals, political advertising revenues, strong balance sheet, solid free cash flow generation and a seasoned management team focused on return on investment, we believe CBS is well positioned for continued growth.
From Ariel Funds' Ariel Focus Fund second quarter 2018 shareholder letter.
