CBS Sees 4Q Profit Boost Despite 3% Ad Revenue Decline

The transcript discusses CBS's strategic shift from relying heavily on advertising revenue to diversifying its income streams through retransmission and licensing fees. Over recent years, CBS has reduced its advertising revenue percentage significantly by divesting from radio and billboard businesses. The retransmission fees, which CBS charges cable operators, have become a significant growth area, although potential legislative changes could pose risks. Les Moonves argues that CBS and other broadcast networks deserve a larger share of fees compared to cable networks like CNN or ESPN.

What potential risks could CBS face regarding its revenue streams?

In what ways does Les Moonves advocate for CBS in terms of revenue from cable operators?