Intrinsic value of CBS Cl B - CBS

Previous Close

$54.32

  Intrinsic Value

$59.65

stock screener

  Rating & Target

hold

+10%

Previous close

$54.32

 
Intrinsic value

$59.65

 
Up/down potential

+10%

 
Rating

hold

We calculate the intrinsic value of CBS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 18.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  14,568
  15,480
  16,430
  17,419
  18,450
  19,525
  20,646
  21,817
  23,039
  24,316
  25,651
  27,046
  28,505
  30,032
  31,630
  33,302
  35,054
  36,889
  38,810
  40,824
  42,935
  45,148
  47,467
  49,900
  52,450
  55,125
  57,932
  60,875
  63,964
  67,204
Variable operating expenses, $m
  11,635
  12,316
  13,026
  13,764
  14,534
  15,337
  16,175
  17,049
  17,962
  18,915
  19,156
  20,198
  21,288
  22,428
  23,621
  24,871
  26,179
  27,549
  28,984
  30,488
  32,064
  33,717
  35,449
  37,265
  39,170
  41,168
  43,264
  45,462
  47,769
  50,188
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  11,635
  12,316
  13,026
  13,764
  14,534
  15,337
  16,175
  17,049
  17,962
  18,915
  19,156
  20,198
  21,288
  22,428
  23,621
  24,871
  26,179
  27,549
  28,984
  30,488
  32,064
  33,717
  35,449
  37,265
  39,170
  41,168
  43,264
  45,462
  47,769
  50,188
Operating income, $m
  2,933
  3,164
  3,404
  3,655
  3,916
  4,188
  4,472
  4,768
  5,078
  5,401
  6,495
  6,848
  7,217
  7,604
  8,008
  8,432
  8,875
  9,340
  9,827
  10,336
  10,871
  11,431
  12,018
  12,634
  13,280
  13,957
  14,668
  15,413
  16,195
  17,016
EBITDA, $m
  3,867
  4,109
  4,361
  4,623
  4,897
  5,182
  5,480
  5,791
  6,115
  6,454
  6,808
  7,179
  7,566
  7,971
  8,395
  8,839
  9,304
  9,791
  10,301
  10,836
  11,396
  11,983
  12,599
  13,245
  13,922
  14,632
  15,377
  16,158
  16,978
  17,838
Interest expense (income), $m
  407
  549
  608
  675
  745
  819
  895
  974
  1,057
  1,144
  1,234
  1,329
  1,427
  1,531
  1,639
  1,752
  1,870
  1,994
  2,123
  2,259
  2,401
  2,550
  2,706
  2,870
  3,041
  3,221
  3,410
  3,608
  3,815
  4,033
  4,262
Earnings before tax, $m
  2,384
  2,556
  2,729
  2,909
  3,097
  3,293
  3,497
  3,711
  3,934
  4,167
  5,166
  5,420
  5,687
  5,965
  6,257
  6,562
  6,882
  7,217
  7,568
  7,935
  8,321
  8,725
  9,149
  9,593
  10,059
  10,547
  11,060
  11,598
  12,162
  12,754
Tax expense, $m
  644
  690
  737
  786
  836
  889
  944
  1,002
  1,062
  1,125
  1,395
  1,464
  1,535
  1,611
  1,689
  1,772
  1,858
  1,949
  2,043
  2,143
  2,247
  2,356
  2,470
  2,590
  2,716
  2,848
  2,986
  3,131
  3,284
  3,444
Net income, $m
  1,740
  1,866
  1,992
  2,124
  2,261
  2,404
  2,553
  2,709
  2,872
  3,042
  3,771
  3,957
  4,151
  4,355
  4,568
  4,790
  5,024
  5,268
  5,524
  5,793
  6,074
  6,369
  6,679
  7,003
  7,343
  7,700
  8,074
  8,466
  8,878
  9,310

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  22,174
  23,562
  25,007
  26,513
  28,082
  29,718
  31,425
  33,207
  35,068
  37,011
  39,042
  41,166
  43,387
  45,711
  48,143
  50,689
  53,355
  56,147
  59,072
  62,138
  65,350
  68,718
  72,249
  75,951
  79,833
  83,905
  88,176
  92,657
  97,357
  102,289
Adjusted assets (=assets-cash), $m
  22,174
  23,562
  25,007
  26,513
  28,082
  29,718
  31,425
  33,207
  35,068
  37,011
  39,042
  41,166
  43,387
  45,711
  48,143
  50,689
  53,355
  56,147
  59,072
  62,138
  65,350
  68,718
  72,249
  75,951
  79,833
  83,905
  88,176
  92,657
  97,357
  102,289
Revenue / Adjusted assets
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
  0.657
Average production assets, $m
  5,347
  5,681
  6,030
  6,393
  6,771
  7,166
  7,577
  8,007
  8,455
  8,924
  9,414
  9,926
  10,461
  11,022
  11,608
  12,222
  12,865
  13,538
  14,243
  14,983
  15,757
  16,569
  17,420
  18,313
  19,249
  20,231
  21,261
  22,341
  23,475
  24,664
Working capital, $m
  2,885
  3,065
  3,253
  3,449
  3,653
  3,866
  4,088
  4,320
  4,562
  4,815
  5,079
  5,355
  5,644
  5,946
  6,263
  6,594
  6,941
  7,304
  7,684
  8,083
  8,501
  8,939
  9,399
  9,880
  10,385
  10,915
  11,470
  12,053
  12,665
  13,306
Total debt, $m
  11,254
  12,503
  13,804
  15,159
  16,571
  18,044
  19,580
  21,183
  22,858
  24,607
  26,435
  28,346
  30,345
  32,437
  34,626
  36,917
  39,316
  41,829
  44,462
  47,221
  50,112
  53,143
  56,321
  59,653
  63,147
  66,811
  70,655
  74,688
  78,919
  83,357
Total liabilities, $m
  19,957
  21,206
  22,507
  23,862
  25,274
  26,747
  28,283
  29,886
  31,561
  33,310
  35,138
  37,049
  39,048
  41,140
  43,329
  45,620
  48,019
  50,532
  53,165
  55,924
  58,815
  61,846
  65,024
  68,356
  71,850
  75,514
  79,358
  83,391
  87,622
  92,060
Total equity, $m
  2,217
  2,356
  2,501
  2,651
  2,808
  2,972
  3,143
  3,321
  3,507
  3,701
  3,904
  4,117
  4,339
  4,571
  4,814
  5,069
  5,335
  5,615
  5,907
  6,214
  6,535
  6,872
  7,225
  7,595
  7,983
  8,390
  8,818
  9,266
  9,736
  10,229
Total liabilities and equity, $m
  22,174
  23,562
  25,008
  26,513
  28,082
  29,719
  31,426
  33,207
  35,068
  37,011
  39,042
  41,166
  43,387
  45,711
  48,143
  50,689
  53,354
  56,147
  59,072
  62,138
  65,350
  68,718
  72,249
  75,951
  79,833
  83,904
  88,176
  92,657
  97,358
  102,289
Debt-to-equity ratio
  5.080
  5.310
  5.520
  5.720
  5.900
  6.070
  6.230
  6.380
  6.520
  6.650
  6.770
  6.890
  6.990
  7.100
  7.190
  7.280
  7.370
  7.450
  7.530
  7.600
  7.670
  7.730
  7.800
  7.850
  7.910
  7.960
  8.010
  8.060
  8.110
  8.150
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,740
  1,866
  1,992
  2,124
  2,261
  2,404
  2,553
  2,709
  2,872
  3,042
  3,771
  3,957
  4,151
  4,355
  4,568
  4,790
  5,024
  5,268
  5,524
  5,793
  6,074
  6,369
  6,679
  7,003
  7,343
  7,700
  8,074
  8,466
  8,878
  9,310
Depreciation, amort., depletion, $m
  934
  945
  957
  969
  981
  995
  1,008
  1,023
  1,038
  1,053
  314
  331
  349
  367
  387
  407
  429
  451
  475
  499
  525
  552
  581
  610
  642
  674
  709
  745
  782
  822
Funds from operations, $m
  2,674
  2,811
  2,949
  3,093
  3,242
  3,398
  3,561
  3,732
  3,909
  4,095
  4,085
  4,288
  4,500
  4,722
  4,954
  5,198
  5,453
  5,720
  5,999
  6,292
  6,600
  6,922
  7,259
  7,613
  7,985
  8,374
  8,783
  9,211
  9,661
  10,133
Change in working capital, $m
  174
  181
  188
  196
  204
  213
  222
  232
  242
  253
  264
  276
  289
  302
  316
  331
  347
  363
  381
  399
  418
  438
  459
  482
  505
  530
  556
  583
  611
  642
Cash from operations, $m
  2,501
  2,630
  2,761
  2,897
  3,038
  3,186
  3,339
  3,500
  3,667
  3,842
  3,821
  4,011
  4,211
  4,420
  4,638
  4,867
  5,106
  5,356
  5,619
  5,894
  6,182
  6,483
  6,800
  7,132
  7,480
  7,844
  8,227
  8,628
  9,049
  9,491
Maintenance CAPEX, $m
  -167
  -178
  -189
  -201
  -213
  -226
  -239
  -253
  -267
  -282
  -297
  -314
  -331
  -349
  -367
  -387
  -407
  -429
  -451
  -475
  -499
  -525
  -552
  -581
  -610
  -642
  -674
  -709
  -745
  -782
New CAPEX, $m
  -323
  -335
  -348
  -363
  -378
  -395
  -412
  -430
  -449
  -469
  -490
  -512
  -536
  -560
  -586
  -614
  -643
  -673
  -705
  -739
  -775
  -812
  -851
  -893
  -936
  -982
  -1,030
  -1,080
  -1,133
  -1,189
Cash from investing activities, $m
  -490
  -513
  -537
  -564
  -591
  -621
  -651
  -683
  -716
  -751
  -787
  -826
  -867
  -909
  -953
  -1,001
  -1,050
  -1,102
  -1,156
  -1,214
  -1,274
  -1,337
  -1,403
  -1,474
  -1,546
  -1,624
  -1,704
  -1,789
  -1,878
  -1,971
Free cash flow, $m
  2,011
  2,118
  2,223
  2,333
  2,447
  2,565
  2,689
  2,818
  2,952
  3,092
  3,033
  3,186
  3,345
  3,511
  3,684
  3,866
  4,056
  4,254
  4,462
  4,680
  4,908
  5,146
  5,396
  5,658
  5,933
  6,221
  6,523
  6,839
  7,171
  7,519
Issuance/(repayment) of debt, $m
  1,092
  1,249
  1,301
  1,355
  1,412
  1,473
  1,536
  1,604
  1,674
  1,749
  1,828
  1,911
  1,999
  2,091
  2,189
  2,291
  2,399
  2,513
  2,633
  2,759
  2,891
  3,031
  3,178
  3,332
  3,494
  3,665
  3,844
  4,033
  4,231
  4,439
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,092
  1,249
  1,301
  1,355
  1,412
  1,473
  1,536
  1,604
  1,674
  1,749
  1,828
  1,911
  1,999
  2,091
  2,189
  2,291
  2,399
  2,513
  2,633
  2,759
  2,891
  3,031
  3,178
  3,332
  3,494
  3,665
  3,844
  4,033
  4,231
  4,439
Total cash flow (excl. dividends), $m
  3,102
  3,367
  3,524
  3,688
  3,859
  4,038
  4,225
  4,421
  4,626
  4,841
  4,861
  5,097
  5,344
  5,602
  5,873
  6,157
  6,455
  6,767
  7,095
  7,438
  7,799
  8,177
  8,574
  8,990
  9,427
  9,886
  10,367
  10,872
  11,402
  11,958
Retained Cash Flow (-), $m
  -239
  -139
  -145
  -151
  -157
  -164
  -171
  -178
  -186
  -194
  -203
  -212
  -222
  -232
  -243
  -255
  -267
  -279
  -293
  -307
  -321
  -337
  -353
  -370
  -388
  -407
  -427
  -448
  -470
  -493
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  2,863
  3,228
  3,379
  3,537
  3,702
  3,874
  4,055
  4,243
  4,440
  4,646
  4,658
  4,885
  5,121
  5,370
  5,630
  5,903
  6,188
  6,488
  6,802
  7,132
  7,478
  7,840
  8,221
  8,620
  9,039
  9,478
  9,940
  10,424
  10,932
  11,465
Discount rate, %
  12.00
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
PV of cash for distribution, $m
  2,556
  2,546
  2,328
  2,102
  1,874
  1,648
  1,428
  1,218
  1,022
  843
  654
  520
  405
  309
  230
  167
  119
  82
  55
  36
  23
  14
  8
  5
  3
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CBS Corporation is a mass media company. The Company operates through four segment: Entertainment, Cable Networks, Publishing, Local Media. The Entertainment segment comprises the CBS TV Network; CBS TV Studios; CBS Studios International and CBS TV Distribution; CBS Interactive; CBS Films; and the Company's digital streaming services, CBS All Access and CBSN. The Cable Networks segment comprises Showtime Networks, which operates its subscription program services, Showtime, The Movie Channel, and Flix. The Publishing segment comprises Simon & Schuster, which publishes and distributes consumer books under imprints such as Simon & Schuster, Pocket Books, Scribner and Gallery Books. The Local Media segment comprises CBS TV Stations, it owns 30 broadcast TV stations; and CBS Local Digital Media. Its businesses span the media and entertainment industries, including the CBS TV Network, cable networks and content production and distribution.

FINANCIAL RATIOS  of  CBS Cl B (CBS)

Valuation Ratios
P/E Ratio 17.7
Price to Sales 1.7
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 15
Growth Rates
Sales Growth Rate 3.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.6%
Cap. Spend. - 3 Yr. Gr. Rate -1.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 241.3%
Total Debt to Equity 254.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 6.5%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 9.3%
Ret/ On T. Cap. - 3 Yr. Avg. 12.9%
Return On Equity 27.3%
Return On Equity - 3 Yr. Avg. 28.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 39.6%
Gross Margin - 3 Yr. Avg. 39.5%
EBITDA Margin 21.7%
EBITDA Margin - 3 Yr. Avg. 22.4%
Operating Margin 19.9%
Oper. Margin - 3 Yr. Avg. 19.8%
Pre-Tax Margin 16.9%
Pre-Tax Margin - 3 Yr. Avg. 16.8%
Net Profit Margin 9.6%
Net Profit Margin - 3 Yr. Avg. 14.1%
Effective Tax Rate 28.2%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 22.8%

CBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBS stock intrinsic value calculation we used $13692 million for the last fiscal year's total revenue generated by CBS Cl B. The default revenue input number comes from 0001 income statement of CBS Cl B. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CBS stock valuation model: a) initial revenue growth rate of 6.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 12%, whose default value for CBS is calculated based on our internal credit rating of CBS Cl B, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CBS Cl B.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CBS stock the variable cost ratio is equal to 80.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CBS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for CBS Cl B.

Corporate tax rate of 27% is the nominal tax rate for CBS Cl B. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CBS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CBS are equal to 36.7%.

Life of production assets of 39.4 years is the average useful life of capital assets used in CBS Cl B operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CBS is equal to 19.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1978 million for CBS Cl B - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 338.525 million for CBS Cl B is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CBS Cl B at the current share price and the inputted number of shares is $18.4 billion.

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COMPANY NEWS

▶ [$$] A Drama CBS Cant Cancelthe One in Its Boardroom   [Oct-15-18 07:54PM  The Wall Street Journal]
▶ [$$] A Drama CBS Can't Cancel---the One in its Boardroom   [06:07AM  The Wall Street Journal]
▶ Trump Threatens Another Round of China Tariffs   [Oct-14-18 08:00PM  Bloomberg]
▶ CBS elevates Dana McClintock to chief communications officer   [Oct-11-18 02:42PM  American City Business Journals]
▶ CBS names first-ever chief people officer   [02:37PM  American City Business Journals]
▶ Fewer protests help NFL ratings get to strong start   [12:57PM  American City Business Journals]
▶ Taylor Swift gets political   [09:37AM  American City Business Journals]
▶ [$$] Brazils TV titan seen as election kingmaker   [Oct-02-18 09:20PM  Financial Times]
▶ iHeartMedia CEO on media M&A   [04:47PM  CNBC Videos]
▶ Ebersol says upstart football league will showcase technology   [01:24PM  American City Business Journals]
▶ CBS confirms its commitment to sports following departure of Moonves   [12:05PM  American City Business Journals]
▶ 'Murphy Brown' debuts to so-so ratings   [09:26AM  American City Business Journals]
▶ [$$] CBS Says It Got Subpoenas From Prosecutors Over Moonves Allegations   [Sep-28-18 07:22PM  The Wall Street Journal]
▶ CBS taps Dick Parsons as interim chair, 2 more leave board   [12:29PM  American City Business Journals]
▶ [$$] CBS Names Richard Parsons as Interim Chairman   [Sep-25-18 11:31PM  The Wall Street Journal]
▶ [$$] CBS Names Richard Parsons as Interim Chairman   [09:59PM  The Wall Street Journal]
▶ [$$] Robert Greenblatt, Chairman of NBC Entertainment, to Step Down   [Sep-24-18 08:07PM  The Wall Street Journal]

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