A Trial in Separation

[SOURCE: Washington Post, AUTHOR: Steven Levingston]
In a move that could hold lessons for other media companies seeking higher-growth avenues in the new entertainment environment, CBS officially broke away from Viacom this week. Besides television operations that include cable sports, the Showtime channel, the UPN network and a group of stations, CBS also has radio, outdoor advertising and publishing interests. CBS faces challenges in the digital entertainment revolution (on-demand viewing, Internet television and mobile video), such as piracy of its programs and the potential loss of advertising revenue as viewers watching shows on digital video recorders fast-forward through ads. The defection of Howard Stern to Sirius Satellite Radio will drag on revenue at CBS Radio. But yesterday, investors drove the stock price higher in the belief that the network's strong television programming will translate into a flow of cash when the shows are repackaged for digital platforms.
http://www.washingtonpost.com/wp-dyn/content/article/2006/01/03/AR2006010301589.html
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* Moonves puts faith in strong CBS content
http://www.usatoday.com/printedition/money/20060104/2b_moonvees04.art.htm