CBS 2Q17 Earnings Call Notes

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Leslie Moonves – CBS Corp.

Yes sports bidding is becoming more competitive out there

“Mike, on the sports, yes, the competitive bidding is becoming more and more out there, and obviously there’s digital players in the sports arena. The good news is we have the NCAA tournament till 2032, so I think we’re fairly secure in the near- and far-term on that. In terms of the other rights, look, the NFL has always been extremely supportive of broadcast television. Yes, there’s going to be a digital component, and you’re right, this service could be – allow us to be a bigger player in that and perhaps get certain digital rights as these contracts come up more and more. But once again, we have proven that broadcast is better than cable, ascertained by our NCAA ratings versus some of the cable people who have the NCAA, and I think the NFL has always stated there’s a reason that the Super Bowl is always on network television. It’s just higher rated, nobody has the reach that we do. There’s no question that digital players will become more important, but we think they will go along with broadcast, not alone.”

Joseph R. Ianniello – CBS Corp.

We have Netflix envy

Laura, we have Netflix envy, and we try to present our results in a way to give you the ability to value us on an equivalent metric. So we’ll leave the valuation to you guys. We’ll post the results and you tell us what it’s worth.