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Fly News Breaks for September 13, 2017
CBS
Sep 13, 2017 | 08:28 EDT
Needham analyst Laura Martin estimates that CBS' (CBS) Internet video services could generate $1.2B of revenue in 2020. She notes that Netflix's (NFLX) market cap is six times its revenue. If CBS' Internet video services are valued using that multiple, they would be worth $7.2B, or 30% of CBS' current market cap, according to the analyst. She keeps an $80 price target and a Buy rating on the shares.
News For CBS From the Last 2 Days
CBS
Nov 21, 2017 | 05:26 EDT
DISH reported that CBS Corporation chose to black out DISH customers' access to 28 local channels in 18 markets across 26 states. CBS is blocking consumers in an effort to raise carriage rates for local channels and gain negotiating leverage for unrelated cable channels, all with declining viewership on DISH. "CBS is attempting to tax DISH customers on programming that's losing viewers, tax DISH customers on programming available for free over the air, and tax DISH customers for content available directly from CBS," said Warren Schlichting, DISH executive vice president of Marketing, Programming and Media Sales. "Our customers are clear: they don't want to pay a CBS tax. It's regrettable and unnecessary that CBS is bringing its greed into the homes of millions of families this Thanksgiving." On a recent investor conference call, CBS boasted about the rate increases promised to shareholders, going from $250 million in 2012 to a forecasted $2.5 billion by 2020. Those desired increases come as DISH customers are watching less CBS, with average viewership down 20 percent over the past 3 years. As DISH works to reach an agreement, the company is offering digital over-the-air, or OTA, antennas at no cost so that customers in affected markets can watch CBS's local broadcast channels for free. Eligible DISH customers have the option to completely drop their local channels from their programming package, saving $10 on their monthly bill. In recent weeks, thousands of eligible DISH customers in CBS markets have made the switch to OTA, accessing news, popular network shows and sports from CBS and other local channels for free, over the air. Customers with qualifying equipment, programming, and location can choose to receive local channels free over the air and save $10 per month on their bill. At no cost, DISH will install an antenna for qualifying customers in CBS markets based on the reception available at their home. In addition to asking for significant price increases for local channels, CBS is attempting to "force bundle" unrelated and low-performing cable channels at a premium. "CBS is using its mix of local and national channels against viewers, abusing outdated laws to try to force consumers to pay more. This greedy attempt to extort more money from our customers is one of the main reasons we - and our industry - are asking Congress to restore balance in the broadcaster-pay TV equation," said Jeff Blum, DISH senior vice president and deputy general counsel. "We are asking lawmakers to reform outdated TV laws to give our customers the best viewing experience at an affordable price - without the threat of broadcaster blackouts." Along with other pay-TV companies and public interest groups that form the American Television Alliance, DISH has called for the U.S. Congress to revamp the out-of-date laws that favor these high fees and unnecessary blackouts. Blum continued: "We continue to urge the FCC and Congress to update a system that emboldens broadcasters to black out consumers."
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