CBS Corp sees growth in all divisions in 2008: CEO

By Gina Keating

LOS ANGELES (Reuters) - CBS Corp will see growth in 2008 in "every single division" and no short-term effects from a looming economic downturn or Hollywood's writers strike, Chief Executive Les Moonves told analysts on Thursday.

"The fundamentals of all our businesses are sound," said Moonves, as he launched into a presentation he said was designed to convince Wall Street that his company's shares are undervalued.

"As we look toward a potential downturn in our economy... we haven't seen any evidence of it, neither in the fourth quarter nor the beginning of the first quarter including our local businesses," Moonves told Citigroup's Annual Global Entertainment, Media & Telecommunications Conference.

Moonves said that while the Hollywood writers strike "is bothering me a great deal," it will not affect the company's bottom line in the "next number of months".

"We will be fine. Having said that, let's all hope the strike will be over long before that," Moonves said. "I am guardedly optimistic that it will be over in the next few months."

Moonves also said "steps... are being taken to push (talks) ahead" but did not describe what those measures were.

CBS expects to reap about 10 percent of an estimated $3 billion in political advertising this year, with the radio "achieving significant increases," Moonves said.

He would not confirm analysts' estimates that the network stood to gain $250 million from political advertising at its owned and operated stations. "I'm not going to verify it or not," Moonves said, "but I wouldn't tell you you are crazy.