Leadership positions in network TV, radio broadcasting, outdoor advertising, and syndicated TV programming production and distribution. Potential for improving consolidated EBITDA margin as economic recovery continues. Good discretionary cash flow generating capability. Long-term uncertainties regarding fundamentals in radio and, to a lesser extent, local and network TV businesses. Longer-term potential for more variable performance (despite currently good standing) of the CBS Television Network, which would adversely affect the company's owned and operated TV stations. Standard & Poor's Ratings Services' 'BBB-' rating on CBS Corp. reflects our expectation that credit metrics will continue to improve modestly in 2011, despite difficult comparisons due to the absence of 2010 political revenue and the Super Bowl, which benefited the TV station group in the...
Companies mentioned in this report are:
- CBS Corp.
- CBS Broadcasting Inc.
- CBS Operations Inc.
- Westinghouse Credit Corp.
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Research Type: Full Analysis