CBS Corporation (CBS) is a worldwide media company that creates and distributes content through four business segments. The entertainment segment distributes news, sports and entertainment programming, while the cable networks segment provides original series, feature films and special events through a subscription service.

CBS operates a publishing segment that distributes books in printed, digital and audio formats. The company also owns 27 local TV stations that operate in the local broadcasting segment.

CBS Television Network

The TV network was founded in 1928 as the Columbia Broadcast System and the company now distributes programming through more than 200 TV stations and affiliates. CBS Entertainment, CBS News and CBS Sports are divisions within the TV network that produce original programming and drive advertising revenue.

Some of the most popular shows on television are created and distributed through the network, including the "The Big Bang Theory" and "NCIS." The total network lineup of CBS was watched by more than 127 million people weekly during the 2016-2017 season.

The CW Network

In 2006, CBS Corporation and Warner Bros. Entertainment Inc., now a division of AT&T (T), formed The CW as a joint venture network targeting young adult viewers. This network broadcasts a six-night, 10-hour primetime lineup, Sunday through Friday. The CW offers several highly ranked TV shows, such as "The Flash" and "Riverdale."

CBS Television Studios

This company supplies programming for both broadcast and cable TV viewers, with a focus on prime-time and late-night audiences. The business produces many popular shows on CBS, including the "NCIS" franchise, "Elementary" and "Blue Bloods" for the prime-time market, as well as "The Late Show With Stephen Colbert" for the late-night market.

The studio is creating several cable series for the 2018-2019 TV season, including "Magnum P.I." and "The Code" for CBS.

Showtime

Showtime Networks operates subscription-based TV networks and creates programming that is available both on demand and through its stand-alone streaming service. Showtime's channels include Showtime, The Movie Channel and Flix, and each of these premium TV channels is also available on demand.

Showtime is expanding the ways that consumers can view programming through subscriptions at Hulu, PlayStation Vue, YouTube TV, Sling TV, DirecTV Now, and Amazon Prime Video. The company also continues to offer pay-per-view sporting events through Showtime PPV.

CBS Sports

CBS Corporation markets its prime-time TV programs using CBS Sports' portfolio of sporting events. CBS Sports broadcasts NFL and college football. CBS also owns the TV rights for the Masters golf tournament and the NCAA Division I Men's Basketball Championship. The network broadcasts these events through both television and digital media.

Films and Books

CBS Films is involved in every aspect of theatrical motion pictures, including film development, financing, production and marketing movies. The company produces films across all genres, including Academy Award nominee for Best Picture “Hell or High Water.”

CBS Corporation also owns Simon & Schuster, which publishes fiction and nonfiction books. This publisher distributes books for a variety of audiences in print, electronic and audio formats.

The Bottom Line

CBS Corporation has a global reach and uses a variety of methods to provide content to audiences around the world. CBS uses its advertising budget to cross-promote its entertainment, news and sports offerings, and this strategy helps the firm build its overall audience and revenue streams.