Just Remember to Keep Rewarding CBS Shareholders, Les

I don't know, one way or the other, whether CBS (CBS/NYSE) buying Cnet Networks is a good move or not. At least one analyst in the linked Bloomberg report thinks Les Moonves & Co. are paying too much.

It's a bold move, and potentially a great one, since Cnet is a profitable business.

But I'm gratified as a CBS shareholder that Moonves says buying Cnet won't threaten future dividend increases. Up to this point Moonves has been focused on rewarding shareholders, and has boosted the dividend several times.

Even though CBS has traded down this year, and is slightly below my entry cost, I'm willing to be patient. Why? Because of the so-far investor-friendly management and the stock being undervalued in the face of a declining advertising environment. Things should pick up -- along with the stock price -- next year.

I sort of favor the idea of Moonves selling off the publishing business, the outdoor advertising business and maybe even the radio stations. Just get rid of everything except the broadcasting company and then sell that. (All at good prices, of course.)

Yet, in all fairness, Moonves hasn't publicly indicated any intention of doing that -- not that he would. Besides, I sometimes think Moonves loves the idea of taking tired old boring CBS and turning it into a 21st Century media outfit. With a stock price performance eventually exciting us shareholders.

There are no guarantees of that happening. But with the shares yielding more than 4%, we're being paid to wait.