) stock has been on a steady rise for the past few months, thanks
to good content, an improving ad market and greater efficiency in
the company's cost structure. Here we take a look at the 4 sources
of income that contribute to CBS' equity value. CBS competes with
companies like Disney (
), News Corp. (NASDAQ:NWS), Time Warner (NYSE:TWX) and Viacom
We maintain a
price estimate of $27.49 for CBS,
implying a slight premium to market price.
1) CBS Owned TV Stations and CBS Radio - represents 28% of
the company's stock value
CBS owned TV stations include about 30 broadcast TV stations
owned by the company through the CBS Television Stations Group.
These stations produce news and broadcast public affairs, sports
and other programming to serve their local markets and offer
content to CBS, The CW and MyNetworkTV. In addition to this, the
CBS Radio division operates 130 radio stations across the U.S. and
offers audiences several formats through the combination of on-air,
online and new media platforms.
See the top forecasts for CBS owned TV stations
and CBS radio
2) Cable Networks -
represents 24% of the company's stock value
CBS' cable network business includes cable channels like
Showtime, Flix and The Movie Channel. The company generates
revenues by charging a carriage fee to service providers.
See the top forecasts for cable networks
3) CBS Network -
represents 16% of the company's stock value
CBS Network is one of the biggest broadcast TV networks in the
U.S. and offers a wide variety of programs. The company primarily
generates revenue by selling advertising slots.
See the top forecasts for CBS network
4) TV Licensing & Other -
represents 14% of the company's stock value
CBS generates licensing revenues from the syndication of shows
produced or acquired by CBS television studios, CBS studios
international and CBS television distribution. Besides generating
licensing revenues, the company also generates revenues via
distribution of home entertainment content in the form of DVDs and
See the top forecasts for TV licensing & other
See our full analysis for CBS' stock here.