Market Report -- Short Stories (CBS)
November 20, 2009 9:37 AM ET
CBS Corp: Wedbush sees Oprah departure as potential ~1% EBITDA hit for 2012 . Wedbush notes per press reports, Oprah Winfrey plans to end production of her first-run syndicated broadcast television program at the end of her current contract, which runs to September 2011. Firm believes Oprah loss would be at most $50 mln/$30 mln in annual revenue/EBITDA for CBS. Although show's departure to cable would certainly be a blow, CBS nevertheless would still have a strong first-run syndication portfolio, including programs like Dr. Phil and Judge Judy. There could be some impact on the economics of broadcast television stations generally, including a number of ABC affiliates.
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