Jay Chan's List: CBS (CBS)

• Goodwill (Note 4)

       8,590.1     8,647.8    

     <!-- COMMAND=ADD_ROWSHADECOLOR,"#CCEEFF" -->    Intangible assets (Note 4)

       7,060.5     7,104.2 

• Total Stockholders' Equity

       8,469.7     8,597.3  
• Decrease to accounts receivable securitization program
• GOODWILL AND INTANGIBLE ASSETS
• NAI beneficially owned CBS Corp. Class A Common Stock representing approximately 81% of the voting power of all classes of CBS Corp.'s Common Stock, and owned approximately 10% of CBS Corp.'s Class A Common Stock and Class B Common Stock on a combined basis.
• 8,426.8
• 6,805.4

• Net cash flow (used for) provided by operating activities

     $ (193.7 ) $ (71.4 ) $ 243.6  

• Advertising sales

     $ 2,028.4     64 %
• Advertising sales decreased $384.5 million, or 16%, to $2.03 billion for the three months ended March 31, 2009 principally reflecting continued softness in the television, radio and outdoor advertising markets resulting from the weak economic environment, and lower political advertising sales
• For the three months ended March 31, 2009, Television revenues decreased 12% to $2.23 billion from $2.54 billion for the same prior-year period due to lower advertising sales and lower television license fees partially offset by higher affiliate and home entertainment revenues
• Advertising sales decreased 15% primarily reflecting softness in the advertising marketplace and lower political advertising sales. Television license fees decreased 24% primarily due to the absence of the initial benefit in the first quarter of 2008 of the new international self-distribution arrangement for the CSI franchise, partially offset by higher international syndication sales. Affiliate revenues increased 9% driven by rate increases and subscriber growth at Showtime Networks and CBS College Sports Network. Home entertainment revenues increased 69% reflecting the performance of DVD titles
• For the three months ended March 31, 2009, Radio revenues decreased 29% to $259.7 million from $363.5 million for the same prior-year period reflecting softness in the advertising marketplace, primarily resulting from the weak economic environment, and the absence of first quarter 2008 revenues of $12.0 million associated with certain of the Company's former agreements with Westwood One which were concluded during the first quarter of 2008.
• For the three months ended March 31, 2009, Interactive revenues increased $80.7 million to $133.6 million from $52.9 million for the same prior-year period, as Interactive results for the first quarter of 2008 did not include $89.1 million of first quarter 2008 revenues generated from CNET, which was acquired in the second quarter of 2008
• Publishing (Simon & Schuster)
• $300.0 million reduction to amounts outstanding under the revolving accounts receivable securitization program,
• any significant shortfall, now or in the future, in the expected popularity of the programming for which the Company has acquired rights could lead to a downward revision in the fair value of such assets.

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• As a result of the 2005 impairment test, the Company recorded an impairment charge of $9.48 billion in the fourth quarter of 2005. The $9.48 billion reflects charges to reduce the carrying value of goodwill at the Television segment of $6.44 billion and the Radio segment of $3.05 billion.
• As a result of the impairment test performed for 2004, the Company recorded an impairment charge of $18.0 billion in the fourth quarter of 2004. The $18.0 billion reflected charges to reduce the carrying value of goodwill at the Radio segment of $10.94 billion and the Outdoor segment of $7.06 billion as well as a reduction of the carrying value of intangibles of $27.8 million related to the FCC licenses at the Radio segment.
• Competition from other advertising media, including Internet advertising and cable and broadcast television, has reduced Radio and Outdoor growth rates. Also, the emergence of new competitors and technologies has necessitated a shift in management's strategy for the Radio and Outdoor businesses, including changes in composition of the sales force and operating management as well as increased levels of investment in marketing and promotion

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• Company competes for opportunities in the entertainment business with other diversified international entertainment companies such as The Walt Disney Company, NBC Universal, Inc., News Corporation, Time Warner Inc., Cox Radio Inc. and Clear Channel Outdoor Holdings, Inc.
• The Company's radio broadcasting business operates through CBS Radio, one of the largest operators of radio stations in the U.S. CBS Radio owns and operates 137 radio stations serving 29 U.S. markets as of February 20, 2009.
• During the third quarter of 2008, the Company performed an interim impairment test as a result of its assessment of factors including the continuation of adverse market conditions, which affected the Company's market value and trading multiples for entities within the Company's industry, as well as the continued economic slowdown which adversely affected the Company's advertising revenues, primarily at the Company's local businesses.
• As a result of this interim impairment test, the Company recorded a non-cash impairment charge of $14.12 billion during the third quarter of 2008 to reduce the carrying value of goodwill by $10.99 billion and intangible assets by $3.13 billion. The charge was reflected as a reduction to goodwill at the Television segment of $5.81 billion, the Radio segment of $2.33 billion and the Outdoor segment of $2.85 billion as well as a reduction to the carrying value of intangible assets related to FCC licenses at the Television segment of $2.13 billion and the Radio segment of $984.6 million, and franchise agreements at the Outdoor segment of $8.2 million

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