Over the next few years, we expect ratings to stay around the current levels. However, there still remains uncertainty around the ratings environment, which suggests room for stock price movement depending on how the audience receives the programming in the next couple of years. Specifically, we believe continued growth of alternative video platforms and higher ad spending on other platforms could put more pressure on CBS's broadcasting operations and drag the stock price lower. Having said that, the rise of alternative video platforms also opens up an opportunity where CBS' programming can see explosive growth in licensing revenues and catalyze the stock price movement. CBS also launched an over the top streaming service for its Showtime network, which if successful could further catalyze the company's stock price.
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