Summary CBS expects moderate revenue growth and improved margins in its Q4 2012 report Political ad spending and improved ad pricing will help revenues of local broadcasting and CBS network There may be some ratings pressure on CBS, offsetting some of the ad revenue growth Cable networks will continue to show growth driven by subscriber growth and increase in fee per subscriber As CBS reports its Q4 2012 results on February 14, we expect improved margins and higher revenue growth, compared to what the company saw in Q3. Political ad spending and growth in ad pricing will help the revenues of CBS network, CBS radio and company-owned TV stations. In addition to this, the cable networks will continue their growth driven by subscriber growth and higher subscription pricing. CBS’ stock has risen recently due to the company’s announcement about converting its outdoor business in the U.S. into a real estate investment trust. We’ll look forward to updates on this front. This development is important for investors as REITs invest in real estate, get special tax considerations and offer high yield.