Regarding the company's outdoor billboard business, CBS said it plans to turn the unit into a real estate investment trust by the end of March, as investors continue to be hungry for yield. Typically, real estate investment trusts pay high dividends.
Following the report, many Wall Street analysts were positive on the company. Here's what a few of them had to say:
Deutsche Bank analyst David Bianco (Buy, $72 PT)
UBS analyst John Janedis (Buy, $73 PT)
"The call was fairly bullish, in our view, with mgmt reiterating a strong syndication pipeline for '14 and beyond through its multi-platform strategy (see our 2/10/14 note: "Putting the Pieces in Place for '15 & Beyond"), and announcing its expectation to double retrans/ reverse comp revenue from $1B in '16 (UBSe: $1.1B) to $2B by YE2020. CBS also announced a $1.5B accelerated stock repurchase (ASR) program, on top of another $500M of share repurchases to be completed by early 2Q. Our '14E EPS is largely unch. at $3.46 vs. prior $3.43. Our '14E OIBDA is now $3.79B vs. our prior $3.82B. CBS remains a top pick for '14 and we reiterate our Buy rating on the stock."
-- Written by Chris Ciaccia in New York