Investing
CBS Radio appears to be getting stronger as well. It divested 39 stations in smaller markets last year to focus on major metropolitan areas. The company has reported ad sales growth in four of its five key markets, including a 1% rise in the key New York City marketplace. The company has been doing a road show to increase advertising interest in its radio stations, and it appears to be working. The division owns 178 stations in 40 markets, and it also owns 18% of Westwood One (WON - Cramer's Take - Stockpickr) and 10% of micro-cap Spanish Broadcasting. The weak economy may hurt ad sales in certain markets, but increased political ad revenues will offset some of the impact in key radio markets. The outdoor advertising division has seen slowing growth rates, but it is still growing, even in the weak economy. The company grew outdoor advertising revenues in the first quarter despite losing municipal contracts in Toronto and San Francisco. The division continues to expand internationally. CBS recently closed on the acquisition of South American billboard and advertising company International Outdoor Advertising. CBS is already active in the outdoor market in Mexico, and this IOA deal will facilitate further expansion into key South American markets. Concerns about the economy have hurt the stock this year -- most of CBS' revenue comes from advertising sales. Shares have fallen almost 50% in the past 52 weeks, and the stock is trading just off its lows for the period at less than 10 times earnings; the enterprise-value-to-EBITDA ratio is just 5.2. Management is committed to growing the dividend and has the cash to make acquisitions in key areas and business segments. Headwinds certainly exist, but the dividend yield of more than 6% allows investors to get paid well while waiting for the economy to turn. When it does, CBS will benefit from a portfolio of premier media businesses and should reward patient shareholders very handsomely.
Please note that due to factors including low market capitalization and/or insufficient public float, we consider Westwood One to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.
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