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Company Overviews
CBS Corp. (CBS)
New York City based entertainment company CBS Corp. owns CBS, UPN, CBS Radio (178 stations), Viacom Outdoor, Simon & Schuster, King World Productions (Jeopardy, Oprah Winfrey Show, Wheel of Fortune) and 39 television stations.
Since then CBS has added a new cable network and sold more than 2o radio stations. It started distributing its content through more third party platforms including internet and video on demand.
CBS is managed by Sumner Redstone (82) who controls CBS through 70% of outstanding voting shares - held by family owned Natural Amusements, which also controls Viacom in the same way. Redstone’s daughter Shari is vice-president at CBS and Viacom. CEO at CBS is Les Moonves.
Morningstar gives the company a low stewardship grade due to overly generous compensations of management.
The Walt Disney Company (DIS)
Disney develops entertainment content and distributes it through its own TV and radio networks or third party platforms like cinemas or video on demand. It also releases content on DVD. Disney creates live action and animated firms in its own studios or promotes third party products. Disney owned or operated film studios include Touchstone Pictures, Walt Disney Pictures, Hollywood Pictures, Miramax Films, Buena Vista Home Entertainment and Pixar. It owns ABC and owns/operates dozens of radio and TV stations in USA and owns/has stakes in cable television companies including ESPN, Disney Channel, SOAPnet, Lifetime, A&E and E!. It also owns the Buena Vista Music Group, Walt Disney Records, Hollywood Records and Lyric Street Records.
Disney also owns the rights to some of the most famous cartoon characters ever created including Mickey Mouse, Winnie the Pook and the Muppets which create attractions at Disney owned theme parks in USA, Japan, France and Hongkong.
CEO is Bob Iger who replaced Michael Eisner in 2005. Since then Iger started to experiment with some new technologies while keeping the commitment to high quality content. Iger is on the board of directors of Disney. Chairman of the board is John Pepper.
There is some lingering criticism concerning stewardship due to millions of shareholder money having been spent in the past on management’s personal travel and legal bills, personal security, company cars and ongoing multi million dollar payments to ex-CEO Eisner. Pixar, acquired by Disney in 2006, has pending issues related to backdating of options.
News Corporation (NWS)
News Corp. was originally incorporated in Australia but reincorporated in USA in 2004. More than half of its revenue comes from US businesses.
News Corp has 8 units: film and entertainment, television, cable networks, satellite TV, newspagers, magazines, book publishing and others - including MySpace.com, acquired in 2006.
Film and entertainment includes 20th Century Fox and Blue Sky Studios. The TV unit owns several dozen TV stations in the US. Cable networks include FOXTEL, BSkyB, Star and DirectTV. Satellite TV broadcasts to subscribers in Italy. Newspapers include the New York Post (US), in the UK The Sun, The Times and The Sunday Times, in Australia the Daily Telegraph, the Herald Sun, the Sunday Times, The Mercury, The Sunday Telegraph. The magazine unit publishes UnsideOut, The Weekly Standard, donna hay, SmartSource and the TV Guide (partial). Book publishing includes HarperMorrow, HarperCollins (UK, Canada, Australia) and a children’s books group. It also owns stakes in football teams (LA Lakers, LA Kings), owns music recording studios, several foreign radio stations and more. News Corp. frequently refines its holdings.
Chairman and CEO is founder Rupert Murdoch (76). He wants his family to remain in charge even after he leaves. The influence of outsiders is limited. President and COO is Peter Chemin who owns millions of options and restricted shares but almost no real shares. Murdoch receives no options. Still Morningstar gives News Corp. a low stewardship grade due to its focus on family control.
Pearson Plc
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