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CBS Corp

CBS owns the most watched television network in the US (i.e. the CBS Network), premium cable TV network Showtime, and book publisher Simon and Schuster. CBS also holds a 50% stake in The CW network. CBS' reporting segments include Entertainment (68% of 2Q18 sales), Cable Networks (17%), Local Media (12%) and Publishing (i.e. Simon and Schuster, 6%). Entertainment includes the CBS Network, TV and film production studios, syndication, and CBS Interactive. Cable Networks includes Showtime, The Movie Channel, Flix, CBS Sports Network and the Smithsonian Channel. Local Media includes 30 television stations (22 CBS; 8 CW) that reach 38% of US households. CBS is controlled by National Amusements, the Redstones' investment vehicle (80% voting stake). Sumner Redstone is Chairman Emeritus of CBS and his daughter Shari is the Vice Chair. Ianniello, Moonves' top lieutenant, will lead the company while the Board seeks a permanent CEO. We expect that Ianniello will be considered. However, if the Board chooses an outsider, there is a risk to CBS' strategy, which has been very successful in recent years. (25 Sep 2018)

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VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: The Basics of TV Network Advertising

Sector Analysis: 22 Oct 2018, 3:33 AM ET - This is the first in a series of articles discussing the various advertising platforms. In this piece we focus on network television advertising (broadcast and cable).   
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CBS: So Long Moonves

IG Note: 10 Sep 2018, 4:39 PM ET - CBS has seen its drama-filled summer come to an end with the departure of Les Moonves and a resolution with its controlling shareholder, National Amusements.

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.
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CBS 2Q18: Prime Time Drama

Earnings Note: 02 Aug 2018, 11:21 PM ET - CBS had a great quarter in 2Q18, though investors are focused on the drama overshadowing the name. Management did not comment on the allegations facing CEO Les Moonves or the lawsuit CBS has brought against NAI.
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CBS: to Investigate Allegations against Moonves

Worth Watching: 30 Jul 2018, 10:04 PM ET - CBS (Baa2/BBB) announced that its Board of Directors has not yet taken any actions against Les Moonves in the wake of sexual misconduct allegations that were published Friday in the New Yorker against the longtime CEO. The Board is selecting ou ..

Cox Media: TV Stations Will Be of Interest to Many

Worth Watching: 30 Jul 2018, 12:25 PM ET - Cox Media has announced it is exploring strategic options for its station group, options that include either selling the stations outright or merging them or partnering with another station group. Cox Media owns/operates 14 stations in 10 larg ..

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..
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CBS: Les than Ideal

IG Note: 27 Jul 2018, 4:14 PM ET - Reported allegations of sexual misconduct against CBS CEO Les Moonves are negative for CBS creditors. If Moonves departs CBS, this could have a range of potential implications for CBS and Viacom.

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

DC Circuit Court Rules for FCC; UHF Discount Stays

Sector Analysis: 26 Jul 2018, 4:42 AM ET - The DC Circuit Court of Appeals dismissed a lawsuit challenging the FCC's decision to reinstate the UHF discount. We take a look at the ruling and what this means for the broadcasters. 

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

NYC HY Conference: Gray Television

Transcript: 06 Jul 2018, 6:10 AM ET - We presented our view of local television and why we still like its position even as our video options increase. We discussed our positive view and o/p rec on GTN's 2026s with an update for its Raycom acquisition announced the next week.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

Disney: Fox Deal Ratings Implications

IG Note: 21 Jun 2018, 2:04 PM ET - S&P reacted more negatively than we expected to Disney’s revised offer for the Fox assets. We discuss the potential impact on Disney’s ratings and recent moves from S&P more broadly.

US Media: A Top Down Look at Linear Networks

Sector Analysis: 30 May 2018, 5:39 AM ET - We all know video subscribers are declining, but that means different things for different content owners. We review cable and broadcast networks relative positioning across a number of metrics. 
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CBS: NAI Challenges CBS with Counter-Suit

Worth Watching: 29 May 2018, 9:20 PM ET - CBS is being counter-sued by National Amusements (NAI), which filed its own suit this morning in Delaware Chancery Court. The suit names CBS CEO Les Moonves and the majority of the company's directors that are not affiliated with NAI as defenda ..

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