Full Description

CBS Corporation (CBS Corp.) is a mass media company with operations in Television, Radio, Outdoor, Interactive and Publishing segments. The Television segment consists of CBS Television, which includes CBS Television Network, CBS Paramount Network Television and CBS Television Distribution, Showtime Networks and CBS College Sports Network. The Radio segment owns and operates 137 radio stations in 29 United States markets through CBS Radio. The Outdoor segment displays advertising on media, including billboards, transit shelters, buses, rail systems (in-car, station platforms and terminals), mall kiosks and stadium signage through CBS Outdoor, and in retail stores through CBS Outernet. The Interactive segment is the Company's online content network for information relating to technology, entertainment, sports, news, business, gaming and music. CBS Interactive's brands include CNET, CBS.com, CBSSports.com, GameSpot, TV.com, BNET and Last.fm. The Publishing segment consists of Simon & Schuster, which publishes and distributes consumer books under imprints, such as Simon & Schuster, Pocket Books, Scribner and Free Press.

In April 2008, the Company acquired International Outdoor Advertising Group (IOA), an out-of-home advertising company in South America. In June 2008, the Company completed the acquisition of CNET Networks, Inc., and merged its operations into a newly expanded CBS Interactive division. The new division incorporates all of the online brands of both CBS and CNET Networks into one business unit. In January 2008, the Company completed the sale of seven of its owned television stations to Cerberus Capital Management, L.P. During the year ended December 31, 2008, contributions to the Company’s consolidated revenues from its segments included 64% from Television, 11% from Radio, 16% from Outdoor 3% from Interactive and 6% from Publishing. During 2008, the Company generated approximately 16% of its total revenues from international regions.

Television

The CBS Television Network through CBS Entertainment, CBS News and CBS Sports distributes a schedule of news and public affairs broadcasts, sports and entertainment programming, and feature films to more than 200 domestic affiliates reaching throughout the United States, including 16 of the Company’s owned and operated television stations, and to affiliated stations in certain United States territories. The CBS Television Network primarily derives revenues from the sales of advertising time for its network broadcasts. CBS Entertainment is responsible for acquiring or developing and scheduling the entertainment programming presented on the CBS Television Network, which includes primetime comedy and drama series, reality-based programming, made-for-television movies and miniseries, theatrical films, specials, children’s programs, daytime dramas, game shows and late-night programs.

CBS News operates a worldwide news organization, providing the CBS Television Network and the CBS Radio Network with regularly scheduled news and public affairs broadcasts, including 60 Minutes, CBS Evening News with Katie Couric and The Early Show, as well as special reports. CBS News Productions, the off-network production company created by CBS News, produces programming for domestic and international outlets, including the CBS Television Network, cable television, home video, audio-book and in-flight markets, as well as schools and libraries. CBS News also provides CBS Newspath, a television news syndication service that offers daily news coverage, sports highlights and news features to CBS Television Network affiliates and other subscribers worldwide. CBS Sports broadcasts include The NFL Today, certain National Collegiate Athletic Association (NCAA) championships, including the Final Four, golf, including the Masters Tournament and the Professional Golfers’ Association of America (PGA) Championship, the United States Open Tennis Championships, in addition to the NFL’s American Football Conference regular season schedule, the Postseason Divisional Playoff games and the American Football Conference (AFC) championship game.

The CW is a broadcast network and 50/50 joint venture with Warner Bros. Entertainment. The CW’s programming includes America’s Next Top Model and Everybody Hates Chris. Nine of the Company’s owned television stations are affiliates of The CW. The Company owns 30 broadcast television stations through its CBS Television Stations group, all of which operates under licenses granted by the Federal Communications Commission (FCC). The Company owns multiple television stations within the same designated market area (DMA) in nine markets. These multiple station markets are Los Angeles (market #2), Philadelphia (market #4), Dallas-Fort Worth (market #5), San Francisco-Oakland-San Jose (market #6), Boston (market #7), Detroit (market #11), Miami-Ft. Lauderdale (market #16), Sacramento-Stockton-Modesto (market #20) and Pittsburgh (market #22).

The Company, through CBS Paramount Network Television and CBS Television Distribution (including King World Productions, CBS Paramount Domestic Television and CBS Paramount International Television), produces, acquires and/or distributes programming worldwide, including series, specials, news, public affairs and made-for-television movies. Such programming is produced primarily for broadcast on network television, exhibition on basic cable and subscription services or distribution through first-run syndication. The Company also distributes off-network syndicated programming, which is programming exhibited on television stations or cable networks.

Showtime Networks owns and operates three commercial-free, subscription television program services in the United States: Showtime, offering recently released theatrical feature films, original series, original motion pictures, documentaries, boxing, mixed martial arts, concerts and other special events; The Movie Channel, offering newly released theatrical feature films and related programming, and Flix, offering theatrical feature films primarily from the 70s, 80s and 90s, as well as selected other titles. As of December 31, 2008, Showtime, The Movie Channel and Flix, in the aggregate, had approximately 58.7 million subscriptions in the United States., certain United States territories and Bermuda. CSTV Networks includes a cable program service featuring events from approximately 25 men’s and women’s college sports.

The Company competes with ABC, FOX, MyNetworkTV, Disney, Sony, NBC Universal, Warner Bros., Home Box Office, Inc. and Starz Entertainment Group, L.L.C.

Radio

CBS Radio’s stations serve target demographics through a range of formats, such as rock, oldies, all-news, talk, adult contemporary, sports and country. The majority of CBS Radio’s revenues are generated from the sale of local, regional and national advertising. The major categories of radio advertisers include automotive, retail, healthcare, telecommunications, fast food, beverage, movies, entertainment and services. The Company also owns the CBS Radio Network, which is managed by Westwood One, Inc. CBS Radio is extending its station brands online, through efforts that include streaming, on-demand, podcasting and developing radio station Websites with content and video.

The Company competes with Clear Channel Communications, Citadel Broadcasting, Cox Radio, Emmis Communications, Entercom and Radio One.

Outdoor

The Company has outdoor advertising operations in more than 100 markets in North America, including all 50 of the metropolitan markets in the United States, 19 of the 20 metropolitan markets in Canada and all 45 of the metropolitan markets in Mexico. Additionally, Outdoor has the rights to manage advertising space on approximately 90% of the total bus fleet in the United Kingdom and has a variety of outdoor advertising displays in the Netherlands, France, Italy, the Republic of Ireland, Spain and China. The Company operates its Outdoor businesses through CBS Outdoor in the United States, Canada and Europe, CBS Outernet in the United States and Vendor in Mexico. The majority of Outdoor’s revenues are generated from the sale of local, regional and national advertising.

The Company competes with Clear Channel Outdoor Holdings Inc., JC Decaux S.A., Cemusa Inc. and Lamar Advertising Company.

Interactive

CBS Interactive operates an online content networks for information and entertainment. CBS Interactive's brands, including CNET, CBS.com, CBSSports.com, GameSpot, TV.com, Last.fm and BNET, among others, serve targeted audiences with text, video, audio, and mobile content spanning technology, entertainment, sports, news, business, gaming and music categories. In addition to its Uniterd States based business, CBS Interactive operates in Asia and Europe. CBS Interactive's worldwide brands reached approximately 226 million monthly visitors during December 2008. CBS Interactive generates revenue principally from the sale of advertising and sponsorships, in addition to fees derived from search and commerce partners, licensing fees, subscriptions, e-commerce activities, and other paid services.

The Company competes with AOL, MSN, Google, Shopping.com, Amazon.com, eBay and Yahoo.

Publishing

Simon & Schuster publishes and distributes adult and children’s consumer books in printed, audio and digital formats in the United States and internationally. Simon & Schuster’s adult imprints include Simon & Schuster, Pocket Books, Scribner, Atria Books, and Free Press. Simon & Schuster’s children’s imprints include Simon Spotlight, Aladdin Paperbacks and Simon & Schuster Books For Young Readers. Simon & Schuster also develops special imprints and publishes titles based on CBS Television Network’s and Showtime Networks’ products, as well as that of third parties and distributes products for other publishers. Simon & Schuster distributes its products directly and through third parties. Simon & Schuster also delivers content and promotes its products on general Internet sites, as well as those linked to individual titles. International publishing includes the international distribution of English-language titles through Simon & Schuster UK, Simon & Schuster Canada and Simon & Schuster Australia and other distributors, as well as the publication of local titles by Simon & Schuster UK.

The Company competes with Random House, Penguin Group and Harper Collins.