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Focus on Entertainment Stocks

Spotlight: CBS Inc.

May 25, 1993

Retaining its position as the top-rated network and riding on the announcement that it tripled its first quarter operating profit, CBS released its fall lineup last week. Chairman Laurence Tisch, at the recent stockholders' meeting, commented on being top dog again: "The one mission we have here at CBS--we must stay No. 1. " Analysts predict this will be a good earnings year for CBS because of its strong overall ratings, good cost control and the expiration of its baseball contract, on which the network lost money.

Major Properties

* Television: Seven owned and operated stations; 205 affiliates

* Radio: 13 FM, 8 AM owned and operated stations; 19 FM, 15 FM affiliates; operates CBS Radio Networks

* Sports: Baseball contracts expire in October, football in January

Financial Data

* Market capitalization: $3.8 billion

* Cash: $1.09 billion

* Long-term debt: $479 million

* 1992 revenue: $3.50 billion

* 1992 profit: $162.5 million

* Earnings per share: $10.51

* Dividend: $1.00

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