CBS Sets Up Local Broadcasting Division(2)

NEW YORK: CBS revamped its local broadcast operations this week, appointing a new management team to the unit that combines TV and radio stations.
Anton Guitano will head the new CBS Local Media group. He was previously chief financial officer and senior executive vice president of operations for the radio division. He’ll report to CBS chief Les Moonves, as well as radio CEO Dan Mason and Peter Dunn, recently named head of the TV stations. In his new role Guitano will oversee broadcasting financial and strategic operations, including local news and Internet properties in CBS markets.

CBS reported a 9 percent increase in 3Q television revenues this month--$2.27 billion compared to $2.8 billion a year ago. The sum includes the TV stations, the CBS network and the company’s syndication operations.

More on CBS:
November 9, 2009: CBS 3Q TV Revenues Rise
The increase was attributed to higher TV license fees and affiliate revenues, though partially offset by softer ad revenues.

October 28, 2009: Analyst” CBS Expected to Hit Q3 Estimates
“Given various positive comments made by management coupled with a healthier-than-expected scatter market, we anticipate CBS to at least meet--and potentially exceed--Q3 expectations of 22 cents.”

October 14, 2009: “CBS Reaffirms 2009 Outlook
CBS reaffirmed its outlook on full-year results for 2009, just as Sumner Redstone said he would sell shares of the media company.

October 12, 2009: “CBS Scores Retrans With Cablevision
On average, CBS (NYSE: CBS.A) has been getting about 50 cents per subscriber a month.

October 1, 2009: Moody’s Goes Stable on Broadcasting
Moody’s Investors Service changed its outlook on the U.S. TV broadcast industry from “negative” to “stable.”

September 16, 2009: Analyst Upgrades CBS
“... we still see [approximately] 30 percent potential upside to the current price.”

July 28, 2009: CBS Expected to Meet the Street
“Given that Street estimates for CBS have continued to come down over the past month or so, we do not anticipate another significant miss...”

July 1, 2009:Deutshe Bank Cuts CBS Forecast
The investment bank scaled back its outlook because of skepticism about a rally in the media segment.

June 8, 2009: “S&P Cuts CBS Credit Rating
The rating outlook is negative, and was downgraded in part on falling automotive revenues.

May 28, 2009: “CBS Increases Senior Note Offering
CBS Corp. is reopening its senior note offering to raise another $250 million.

May 8, 2009: “CBS TV Segment Revenues Down 12 Percent
CBS’s results for the first quarter reflected the absence of political spending on TV as well as the soft market.