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51 W. 52nd St. New York, NY 10019-6188 NY Tel. 212-975-4321 Fax 212-975-4516 |
Type: Public
On the web:
http://www.cbscorporation.com
Employees:
26,425
Employee growth: 4.1%
You might say this company has a real eye for broadcasting. CBS Corporation is a leading media conglomerate with operations in television, radio, online content, and publishing. Its portfolio is anchored by CBS Broadcasting, which operates the #1 rated CBS television network, along with a group of local TV stations. CBS also owns cable network Showtime and produces and distributes TV programming through CBS Television Studios and CBS Television Distribution. Other operations include CBS Radio, CBS Interactive, and book publisher Simon & Schuster. In addition, CBS Outdoor is a leading operator of billboards and outdoor advertising. Chairman Sumner Redstone controls CBS Corporation through National Amusements.
Key numbers for fiscal year ending December, 2011:
Sales: $14,245.0M
One year growth: 1.3%
Net income: $1,305.0M
Income growth: 80.2%
Officers:
Executive Chairman: Sumner M. Redstone
President, CEO, and Director: Leslie (Les) Moonves
SVP Communications: Dana McClintock
Competitors:
Clear Channel
News Corp.
Disney
One of the major broadcasting networks; began in 1927 as United Independent Broadcasters, Inc., with a group of 16 independent radio stations. CBS was named by William S. Paley, who purchased the radio network in 1928. He instituted a contract relationship with the affiliated stations whereby CBS would provide them with free programming in return for free radio time to sell for advertising. (This system is still the basis for radio and television networking today.) The CBS Television Network was established in 1948. Currently, CBS employs more than 12,000 people worldwide. The system consists of approximately 200 affiliated television stations with network headquarters located in Los Angeles, California. The CBS Corporation also has a majority interest in Infinity Broadcasting, which owns 163 radio stations. In addition, CBS maintains a presence in several cable television stations: CMT (Country Music), TNN (Nashville Network), and a few regional sports stations
CBS Corporation (NYSE: CBS, CBSA) is an American mass media corporation focused on commercial broadcasting, publishing, billboards and television production, with most of its operations in the United States. The president and chief executive of the company is Leslie Moonves. Sumner Redstone, owner of National Amusements, is CBS's majority shareholder and serves as executive chairman. The company began trading on the NYSE on January 3, 2006. Until then, the corporation was known as Viacom, and is the legal successor to said company.[3] A new company, keeping the Viacom name was spun off from CBS. CBS, not Viacom, retains control of over-the-air television (CBS, CW) and radio broadcasting, TV production and distribution, publishing, pay-cable, recording, and outdoor advertising assets formerly owned by the larger company. CBS has its headquarters in CBS Building, Midtown, Manhattan, New York City, New York, United States.[4]
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Viacom was created in 1970 as the television syndication division of CBS, and was spun off in 1971. However, in 1999, Viacom acquired its former parent, by this time also named CBS Corporation, formerly Westinghouse Electric. The prior CBS Corporation also owned CMT and The Nashville Network (now Spike), which remained Viacom properties after the 2005 split, but the prior CBS did not own UPN, Showtime, Paramount Television, Paramount Parks, or Simon and Schuster.
In March 2005, Viacom announced plans of looking into splitting the company into two publicly traded companies, amid issues of the stock price stagnating (although it was alleged that another main force behind the split was the Super Bowl XXXVIII halftime show controversy, which led to MTV not being allowed to produce any more halftime shows, they had also produced the show for Super Bowl XXXV, the first Super Bowl CBS aired since regaining NFL rights and becoming MTV's corporate sibling.
On June 14, 2005, the Viacom board of directors approved the split of the company into two firms. The CBS Corporation name would be revived for one of the companies, to be headed by longtime television executive (and Viacom co-President) Leslie Moonves, and would include CBS, UPN, Infinity Broadcasting, Viacom Outdoor, Showtime Networks, and Paramount's television studio.
The split was structured such that the "new" Viacom was spun off from the "old" Viacom, which was renamed CBS Corporation. In a sense, this was a repeat of the 1971 spinoff. However, in this case, CBS retained virtually all of the prior firm's broadcast TV assets, including its various syndication companies.
With the split, the two new companies began trading on the NYSE on January 3, 2006.
In the interim, Viacom/CBS was involved in a number of transactions. On December 2, 2004 Viacom acquired CBS affiliate KOVR-TV in Sacramento, from Sinclair Broadcast Group. Viacom also acquired two stations in West Palm Beach.
Viacom/CBS has announced it would sell several non-duopoly UPN affiliates, in Indianapolis, Columbus, New Orleans, and Oklahoma City, with possibilities of additional sales.
CBS announced on November 3, 2005, that it would acquire College Sports TV (now CBS Sports Network) for US$325 million. CEO of CSTV Brian Bedol will continue to run that network and report to Leslie Moonves, chairman of CBS. The transaction was completed in January 2006.
Announced early in 2006, CBS and DIC Entertainment signed a multi-year deal to provide three hours of programming that meet FCC standards for educational programming. The block would be called "KOL Secret Slumber Party on CBS" -- which is also a partnership with America Online's KOL kids service and premiered on September 16, 2006.
Shows included are Sabrina, the Animated Series, Horseland, Madeline, Dance Revolution and many others.[5] It was originally supposed to be called "CBS's Saturday Morning Secret Slumber Party" but was renamed with KOL's alliance.[6]
On January 24, 2006, CBS Corporation, and Warner Bros. announced that they were to create a new broadcast network, The CW Television Network. The network officially debuted on September 18, 2006. The network formally debuted on September 20 with the 2 hour premiere of America's Next Top Model.
The network is the result of a merger of The WB (a Warner Brothers holding) and UPN (a CBS Corporation holding). CBS Corporation and Time Warner will each own 50% of the network. Tribune Broadcasting (which previously owned a 25% stake on The WB) and CBS Corporation will contribute its stations as new network affiliates.
Three days after the announcement of The CW, on January 27, CBS announced that it was selling its Paramount Parks division. On May 23, 2006, CBS Corp. sold Paramount Parks to the Cedar Fair Entertainment Company. With this acquisition, Cedar Fair becomes the third-largest theme park operator[citation needed].
On June 30, 2006, Cedar Fair announced that it has completed its acquisition of Paramount Parks from CBS Corporation in a cash transaction valued at US$1.24 billion. The transaction included a 10 year license that allowed Cedar Fair to use the Paramount name in the parks through the 2017 season.[citation needed]
The board of directors of CBS Corp. include:
| Fiscal Year | 2005 | 2004 | 2003 | 2002 | 2001 |
|---|---|---|---|---|---|
| Fiscal Year End Date | 12/31/05 | 12/31/04 | 12/31/03 | 12/31/02 | 12/31/01 |
| Receivables Turnover | 5.3 | 5.3 | 6.1 | 6.6 | 6.5 |
| Receivables - Number of Days | 86.2 | 68.4 | 54.6 | 53.4 | 58.5 |
| Inventory Turnover | 8.8 | 10.3 | 11.7 | 11.0 | 10.0 |
| Inventory - Number of Days | 41.0 | 35.0 | 30.8 | 32.7 | 36.2 |
| Gross Property, Plant & Equipment Turnover | 2.8 | 2.9 | 2.5 | 2.5 | 2.5 |
| Net Property, Plant & Equipment Turnover | 4.5 | 4.8 | 4.4 | 4.0 | 3.7 |
| Depreciation, Depletion & Amortization | |||||
| % of Gross Property, Plant & Equipment | 9.8% | 10.4% | 9.4% | 9.6% | 32.9% |
| Depreciation, Depletion & Amortization | |||||
| Year to Year Change (Millions US Dollars) | -31.1 | -19.0 | 5.4 | -213.9 | 86.1 |
| Depreciation, Depletion & Amortization | |||||
| Year to Year % Change | -38.4% | -19.0% | 5.7% | -69.3% | 38.7% |
| Source: CorporateInformation CBS Corporation Company Snapshot | |||||
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