The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (

TheStreet

) --

CBS

(CBS) - Get CBS Corporation Class B Report

stock gained just about 10% over the past week. There have been a few factors that have influenced this move.

First, markets were broadly higher following a five-day winning streak for U.S. stocks last week. Second, the company mentioned during one of the analyst conferences that it is becoming less reliant on ad revenues and sees growth in retransmission and streaming deals with companies like

Netflix

(NFLX) - Get Netflix, Inc. (NFLX) Report

and

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Amazon

(AMZN) - Get Amazon.com, Inc. Report

. Retransmission fees come from cable and satellite companies pay CBS to broadcast its shows.

Although these other revenue streams are still small, they will grow over time and reduce CBS's dependence on often fickle ad revenues. CBS' CEO Les Moonves stated that over the next five years, the proportion of its revenues coming from advertising will decline from 66% currently to about 60%. In contrast to some media companies, CBS wants to sell its content to streaming players as this will help add new revenue sources and position its content for the growing demand for digital media.

Our price estimate for CBS stands at near $33.50 implies a premium of about 40% to the market price.

See our complete analysis for CBS' stock.

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This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.