CBS:they beat by 5c last Qad market has improved post-election, surprising to mecancellations lowSuper Bowl, AFC_C, Grammy's, March Madness will drive Q1,2 higherday shows now profitablehope to reset prices due to higher VOD levels which Nielsen captureshigher $$$ from NFLX in new deal post-Febcould do deal with AMZN/AAPLsuccess at Showtime, could improve Int'l distributiongreat syndication pipeline12x 2013 esthigh FCF 8.5%share repurchasetrades at discount to group even with solid growth profiledone good job with cost-cuttingrolling out digital billboardsOpMargin risingLeverage falling Last 5 months CBS up 40% vs SPX up 15%.They reported May 1:" Net earnings from continuing operations were $463 million for the first quarter of 2013, or $.73 per diluted share, up from $394 million, or $.59 per diluted share, for the same prior-year period. The increase in diluted earnings per share reflected the Company's operating income growth, lower interest expense as a result of the Company's 2012 debt refinancing, and lower weighted average shares outstanding as a result of the Company's ongoing share repurchase program. Net earnings for the first quarter of 2012 included the aforementioned impairment charge of $11 million and a pretax gain on early extinguishment of debt of $25 million....In the first quarter of 2013, the Company repurchased 24.1 million shares of CBS Corp. Class B Common Stock...The Company anticipates that approximately 4.3 million additional shares will be delivered at the conclusion of the ASR during the second quarter of 2013. At March 31, 2013, the Company had $1.25 billion of authorization remaining on its share repurchase program. Additionally, during the first quarter, the Company extended its $2.0 billion credit facility through March of 2018 at more favorable terms. "
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