NEW YORK (TheStreet) -- CBS (CBS) shares are up 1.5% to $55.57 in trading on Wednesday after the media company company said that satellite television provider Dish Network (DISH) would continue to broadcast its channels even though the deadline for the companies to reach a new broadcast agreement passed.
CBS had previously threatened to pull its programming from Dish systems in 14 different markets if the country's third largest pay television company did not reach an agreement with the company by 4 p.m. yesterday.
The two companies original agreement expired on November 20 but the sides have been working to come to an understanding since then. "CBS remains on the air with Dish while negotiations progress into the evening," CBS said in a statement yesterday.
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TheStreet Ratings team rates CBS CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CBS CORP (CBS) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows weak operating cash flow."