Originally broadcast Thursday January 26, 4:30 PM EST and available at www.cbscorporation.com.

Highlights:

CEO Leslie Moonves and CFO Fredric G. Reynolds spoke.

2005 earnings are expected to be released the 3rd week of February.

CBS Corporation announced a two-cent increase to the dividend yielded by the old Viacom. With this increase, CBS leads a peer group of $20 billion market-cap companies in yield, but trails the peer group’s P/E (16-17).

CBS is exploring divestiture of Paramount Parks because it is not a content-driven business.

The company plans to focus on growing revenue and profits, exploiting content across traditional and new digital platforms (hence recent deals with Google and Comcast). The company wants to maintain an “investment-grade balance sheet” and return a portion of cash-flow to owners via dividends. Share re-purchases are not expected in the short-term. Expect revenue growth in low to mid single digits and EPS to grow in mid to high single digits.