WHEN: Today, Thursday, February 9th
WHERE: CNBC's "Squawk on the Street"
Following is the unofficial transcript from a CNBC EXCLUSIVE interview with Viacom President & CEO Robert Bakish and CNBC's David Faber today, Thursday, February 9 on CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET).
All references must be sourced to CNBC.
CARL QUINTANILLA: LET'S GET TO OUR OWN DAVID FABER WITH THE NEW HEAD OF VIACOM, ROBERT BAKISH AT VIACOM HQ.HEY, DAVID.
DAVID FABER: HEY, CARL. I MADE IT UP TO MIDTOWN HERE OF COURSE AT VIACOM'S HEADQUARTERS.AND WE ARE VERY HAPPY TO BE JOINED BY BOB BAKISH, AS YOU SAID, THE CEO OF VIACOM. IT'S BEEN A WHILE SINCE WE'VE SPOKEN TO A CEO OF THIS COMPANY. SO THANK YOU FOR HAVING US, BOB.
ROBERT BAKISH: GREAT TO BE HERE WITH YOU IN THE MIDDLE OF A NEW YORK BLIZZARD IN TIMES SQUARE.
FABER: WE'RE GETTING A GREAT VIEW OF IT OUT THE WINDOW THERE. I THINK IT'S FACTUAL TO SAY THAT THIS COMPANY WAS NOT MANAGED PARTICULARLY WELL BY YOUR PREVIOUS ADMINISTRATION. I CAN SAY IT, YOU DON'T HAVE TO EVEN COMMENT. BUT GIVEN THAT MISMANAGEMENT DURING A CRUCIAL PERIOD OF TIME FOR YOUR INDUSTRY WHERE CHANGES WERE OCCURRING VERY RAPIDLY, WHAT GIVES YOU THE CONFIDENCE THAT COMING IN AS YOU HAVE AFTER THAT YOU CAN TURN AROUND THIS COMPANY?
BAKISH: LOOK, THERE'S BEEN A LOT OF DRAMA AROUND THE NAME. NO QUESTION ABOUT IT. THE LAST, YOU KNOW, 12 TO 18 MONTHS THERE WAS A LOT OF NOISE. WHAT TYPICALLY GOT LOST IN THAT NOISE WAS A COUPLE SAILING FACTS. ONE, WE STILL HAVE THE LARGEST SHARE OF VIEWING ON PAY TV IN THE U.S. IN EVERY DEMOGRAPHIC WE SERVE. TWO, WE HAVE MORE TELEVISION HOMES GLOBALLY THAN ANY OTHER MEDIA COMPANY IN THE WORLD. THREE, IF YOU DO THE MATH, OVER 100 BILLION HOURS OF OUR CONTENT WERE VIEWED BY CONSUMERS IN 2016. AND FOUR, WE ARE WIDELY KNOWN TO HAVE SOME OF THE MOST ADVANCED CAPABILITIES IN THE COMMERCIAL SPACE PARTICULARLY WHEN IT COMES TO AD SALES AND DATA-DRIVEN TV PRODUCT AND SPONSORSHIP. SO THERE'S A LOT TO WORK WITH. AND, YOU KNOW, WE GOT A SET OF WORLD CLASS BRANDS. THAT SAID, YOU KNOW, WHEN I CAME IN IT WAS APPARENT THE COMPANY HAD SOME ISSUES. WE HAD SOME NEAR-TERM PERFORMANCE THINGS WE HAD TO ADDRESS. AND WE'VE TALKED ABOUT THEM IN A VARIETY OF SETTINGS, WHETHER THAT'S MTV U.S. RATINGS, PARAMOUNT STUDIO, U.S. DISTRIBUTION WHERE SOME RELATIONSHIPS ARE A LITTLE FRAYED, BUT FUNDAMENTALLY WE HAVE A LOT TO WORK WITH. AND SO, YOU KNOW, STARTING DAY ONE WHAT I DID WAS DO A REAL CLINICAL ASSESSMENT OF WHERE WE ARE. I MOBILIZED THE TROOPS, SO INITIALLY GOT EACH OF MY DIRECT REPORTS TO GIVE ME ONE OR TWO PEOPLE FROM THEIR TEAM TO WORK ON A CROSS COMPANY TASK FORCE TO HELP DRIVE THE DEVELOPMENT OF A PLAN. THAT ULTIMATELY INVOLVED ABOUT 150 PEOPLE. AND I TOOK THAT AS INPUT AND SHAPED IT INTO A STRATEGY FOR THE COMPANY THAT WE DELIVERED TO THE BOARD ON MONDAY THAT THEY RESOUNDINGLY APPROVED AND WE STARTED TALKING ABOUT TODAY ON THE EARNINGS CALL.
FABER: AND I WANT TO ASK YOU ABOUT THAT CALL. THAT STRATEGY. BUT YOU KNOW THE LARGER CRITICISM OF VIACOM, CERTAINLY DURING THE PERIOD OF TUMULT, IF I COULD CALL IT THAT, THAT PRECEDED YOU, IS ARE THESE MUST-HAVE NETWORKS IN A WORLD THAT'S CHANGING RAPIDLY OVER THE TOP TO SKINNY BUNDLES, TO ALL SORTS OF DIFFERENT PLATFORMS? DO THEY NEED TO INCLUDE A NICKELODEON OR MTV OR COMEDY CENTRAL OR B.E.T.? IS IT MUST-HAVE CONTENT? HOW DO YOU ANSWER THAT QUESTION?
BAKISH: WELL, YOU TALK ABOUT NICKELODEON. IF YOU LOOK AT FISCAL '16 OR CALENDAR '16 OR THE LAST QUARTER, NICKELODEON WAS NUMBER ONE IN THE U.S. ON ALL THREE KIDS DEMOGRAPHICS,2-11, 2-5, 6-11. IT PRODUCES APPROXIMATELY 650 HOURS OF ORIGINAL PROGRAMMING PER YEAR. SO, NOT ONLY DID WE DELIVER IN '16, BUT WE HAD A REALLY STRONG PIPELINE GOING FORWARD. WE HAVE CONTINUED -- AND THIS HAS ACTUALLY BEEN A CRITICISM,PERHAPS, YOU KNOW, LOOKING INTHE REARVIEW MIRROR, BUT THE FACT OF THE MATTER IS NICKELODEON IS BRINGING NEW HITS TO LIFE. LOOKING AT AN ANIMATED SHOW LIKE "LOUD HOUSE," A HIT, LOOK AT "PAW PATROL," HIT IN PRESCHOOL.IT'S NOT ALL SPONGEBOB. THAT CONTINUES TO BE IMPORTANT, BUT THE PORTFOLIO IS MUCH BROADER. AND WE HAVE ALREADY EXTENDED THAT BRAND OUTSIDE OF TELEVISION. AND WHAT WE'RE TALKING ABOUT TODAY IN TERMS OF OUR FLAGSHIP INTRODUCING THE NOTION OF FLAGSHIP BRANDS.
FABER: RIGHT, SIX BRANDS.
BAKISH: FLAGSHIP SIX, YEAH, WHICH INCLUDES NICKELODEON, THAT'S AN OPPORTUNITY TO ELEVATE THEM EVEN FURTHER. BUT CONSUMERS ON A GLOBAL BASIS, BY THE WAY, BECAUSE THAT'S A KEY ELEMENT OF THE FLAGSHIP, THEY HAVE A REAL APPETITE FOR NICKELODEON AND OUR OTHER BRANDS. DOESN'T MEAN THEY'RE ALL IN THE SAME STATE OF HEALTH, YOU KNOW. SOME OF THEM NEED SOME WORK. BUT I'LL LOOK AT MTV OUTSIDE THE U.S. IT'S GROWN AUDIENCE SHARE FROM '14 TO '15, '15 TO '16, '17 YEAR TO DATE, AND FIRST QUARTER OUR INTERNATIONALN PORTFOLIO IS UP 16%.
FABER: MTV IS DOING WELL INTERNATIONALLY INTERESTING WNOUGH, YOU OF COURSE RAN THAT DIVISION FOR QUITE A FEW YEARS, BUT MTV IN THE STATES HAS HAD A ROUGH GO OF IT. WHAT GIVES YOU THE CONFIDENCE YOU CAN TURN IT AROUND?
BAKISH: LOOK, I'M A BIGB ELIEVER IN STRATEGY AND ENABLING ORGANIZATION. SO, IN THE CASE OF MTV, WE PUT IN NEW LEADERSHIP IN I GUESS NOVEMBER IN THE FORM OF CHRIS McCARTHY. CHRIS IS A VERY TALENTED EXECUTIVE, DROVE VH1 TO GROWTH WHEN HE TOOK THAT OVER. I'VE SPENT A LOT OF TIME WITH CHRIS. HE'S GOT I BELIEVE THE RIGHT STRATEGY IN PLACE. HE AND HIS TEAM HAVE ALREADY DONE A LOT OF WORK STABILIZING THE RATINGS. THEY PULLED ACTUALLY 100 PRODUCTS OUT OF DEVELOPMENT. THEY HAVE A NEW PIPELINE GOING IN. WE SAW GROWTH IN DECEMBER, WHICH IS THE FIRST MONTH WE SAW GROWTH FOR 25 MONTHS. SO, I FUNDAMENTALLY BELIEVE IN THE BRAND, BECAUSE WE'VE SHOWN IT CAN GROW IN THIS CHANGING LANDSCAPE OUTSIDE THE U.S., SO THEREFORE, IT CAN GROW. WE JUST NEED THE RIGHT TEAM AND THE RIGHT STRATEGY. I BELIEVE WE HAVE THAT NOW.
FABER: AND HOW LONG DO YOU SEE SOME OF THE CHANGES YOU'VE PUT IN PLACE AND SORT OF MARK TODAY WITH THIS SIX FLAGSHIPS – HOW LONG UNTIL YOU EXPECT TO SEE REAL RESULTS AT MTV WITH THE NEW LEADERSHIP AND/OR SIGNIFICANT THE TURNS AT COMEDY CENTRAL AND SOME OF THE OTHER NETWORKS?
BAKISH: SO, IN GENERAL, MY OBJECTIVE FOR VIACOM IS TO HAVE A CONTINUED EVIDENCE OF IMPROVEMENT. SO, IT'S NOT ABOUT A STORY ONE DAY OR THREE MONTHS FROM NOW OR THE END OF FISCAL YEAR. WE'RE GOING TO CONTINUALLY PUT POINTS ON THE BOARD. IN THE CASE OF MTV, WE'VE ALREADY -- U.S. -- WE'VE ALREADY STARTED TO DO THAT. AS WE GET TO THE UP-FRONT, WE'LL UNVEIL A NEW SLATE OF PROGRAMMING, WHICH WILL BE ON AIR IN OUR FOURTH FISCAL QUARTER, WHICH IS THE SUMMER. SO IN THE SUMMER YOU HAVE A LOT OF NEW PROGRAMS. SO, I BELIEVE THAT TRAJECTORY WILL CONTINUE, BUT THAT'S A MICROCOSM OF THE OVERALL STORY. BECAUSE AGAIN, IF YOU LOOK AT THE STRATEGY WE UNVEILED TODAY, PARTS OF IT ARE ACTIONABLE NEAR TERM AND PARTS OF IT WILL TAKE A LITTLE BIT OF TIME. TAKE THE -- FOR THOSE THAT WEREN'T ON THE CALL, WHICH IS I GUESS MOST OF YOUR AUDIENCE, THIS NOTION OF FLAGSHIP BRANDS INCLUDES THE FACT THAT THEY WILL HAVE A PIECE OF THE PARAMOUNT FILM SLATE. NOW, IF YOU LOOK AT A FEATURE PRODUCTION, ROUGHLY SPEAKING, ON AVERAGE, IT'S ABOUT 2 1/2 YEARS FROM THE TIME A PROJECT ISCONCEIVED UNTIL IT ULTIMATELY GETS TO THEATRICAL BOX OFFICE.
FABER: RIGHT.
BAKISH: SO, THERE IS SOME WINDOW. TODAY WE ANNOUNCED FOUR PROJECTS FOR NICKELODEON, INCLUDING FILMS IN 2019. THE FIRST ONE'S ACTUALLY AN ORIGINAL PIECE OF INTELLECTUALPROPERTY CALLED "AMUSEMENT PARK," WHICH WILL DEBUT AS A FILM IN '19 AND BECOME A TV SERIES ON NICKELODEON THE FOLLOWING YEAR. THERE WILL A BUNCH OF FRANCHISES RIGHT BEHIND THAT WE'RE GOING TO ANNOUNCE. SOME OF THOSE ARE EXISTING NICKELODEON PROPERTIES. SO, PART OF IT IS ABOUT GROWING THESE FRANCHISES, BECAUSE THAT'S WHERE YOU CAN MAKE A BIG DIFFERENCE IN THE WORLD.
FABER: AS MUCH AS INVESTORS TALK TO ME ABOUT THE VIABILITY OF THE CABLE FRANCHISES, THEY REALLY COME BACK TO PARAMOUNT, OFTENTIMES, BECAUSE -- AND THESE WERE YOUR WORDS ON THE CALL TODAY -- I MEAN, SIGNIFICANT DISAPPOINTMENT FINANCIALLY. AND THEY LOOK AT ALL THE COSTS THERE. I DON'T KNOW IF YOU BREAK IT OUT, BUT SOME SAY 700 MILLION IN COSTS. WE'RE TALKING ABOUT A DIVISION THAT HAD I THINK $4.2 BILLION IN REVENUES IN '13, DOWN TO $2 BILLION IN '17. HOW LONG WILL IT TAKE TO TURN AROUND PARAMOUNT? DO YOU NEED TO INVEST A LOT TO DO IT? AND DO YOU HAVE A ROADMAP TO OFFER INVESTORS THAT SAYS WE'RE GOING TO GET THIS BACK ON TRACK?
BAKISH: THERE IS NO QUESTION PARAMOUNT HAD A ROUGH COUPLE OF YEARS. YOU CAN LOOK AT THE BOX OFFICE STATISTICS AND P&LS AND THAT IS OBVIOUS. AT THE SAME TIME, IT'S AN ICONIC STUDIO, OVER 100 YEARS OLD, IT HAS A LIBRARY THAT THROWS OFF HUNDREDS OF MILLIONS OF CASH EVERY YEAR. AND IT IS -- IT HAS STRONG CAPABILITIES. I BELIEVE WE ANNOUNCED TODAY A COMPETITIVELY ADVANTAGED STRATEGY FOR THE STUDIO, WHICH INCLUDES TAKING ADVANTAGE OF SOME OF THE PAY BRANDS WE HAVE IN THE HOUSE, WHICH HAVE AUDIENCES 365 DAYS A YEAR, HAVE GLOBAL AWARENESS FROM A BRAND PERSPECTIVE, HAVE A PIPELINE IN FRANCHISES AND TALENT, AND THAT WILL GIVE FOCUS TO SOME OF THE PROJECTS PARAMOUNT IS WORKING ON, SO PEOPLE KNOW, AH, THIS IS THE KIND OF FILM WE CAN MAKE WITH VIACOM TOGETHER WITH THE BRANDS AND PARAMOUNT. I THINK THAT'S A REAL SOURCE OF ADVANTAGE, AND THAT WILL HELP US GROW MARGINS IN THE BUSINESS. AT THE SAME TIME, WE WILL CONTINUE TO HAVE A PARAMOUNT SLATE. YOU LOOK AT A FRANCHISE LIKE "TRANSFORMERS" WHICH WE DO IN PARTNERSHIP WITH HASBRO, GREAT FRANCHISE. WE HAVE A BIG FILM COMING THIS SUMMER, AND THAT HAS BEEN A BIG SUCCESS FOR US HISTORICALLY.
FABER: WHAT IF YOU TAKE COST OUT, THOUGH. AT THE SAME TIME, PEOPLE WOULD SAY MAYBE YOU'VE GOT TO INVEST A LOT IN TV PRODUCTION.
BAKISH: WELL, I'M GLAD YOU MENTIONED TV PRODUCTION. FOUR YEARS AGO, PARAMOUNT WASN'T IN THE TV PRODUCTION BUSINESS. ONE OF THE TRUTHS OF THE SPLIT OF CBS AND VIACOM, YOU KNOW, SOME TEN YEARS AGO, WAS THE CBS SIDE TOOK THE TELEVISION PRODUCTION BUSINESS WITH IT.
FABER: RIGHT.
BAKISH: NOW, IT'S TRUE THAT CBS HAS A BROADCAST NETWORK, AND THEREFORE, THERE WAS A LOT OF LOGIC TO HAVING PRODUCTION. AT THE SAME TIME, A STUDIO WITH ONLY FILM PRODUCTION IS ACTUALLY A VERY VOLATILE ANIMAL. IT'S IMPORTANT TO HAVE BOTH TELEVISION PRODUCTION AND FILM PRODUCTION FOR THE STUDIO BUSINESS. THE GOOD NEWS IS THAT STARTING FROM ZERO, YOU KNOW, THREE, FOUR YEARS AGO TO TODAY UNDER AMY POWELL'S LEADERSHIP, WE HAVE BUILT A VERY NICE AND RAPIDLY GROWING TV PRODUCTION BUSINESS WITH A BROAD RANGE OF CLIENTS, CLIENTS INCLUDING IN-HOUSE CUSTOMERS LIKE NICKELODEON FOR "SCHOOL OF ROCK," TRADITIONAL NETWORKS, AS WELL AS CALL IT NEW-AGE NETWORKS. AND THAT BUSINESS IS BREAK-EVEN OR BETTER THIS FISCAL YEAR AND IS ON TRACK TO BECOMING A NICE PROFIT CONTRIBUTOR TO NOT ONLY PARAMOUNT, BUT OBVIOUSLY, VIACOM. SO, PARAMOUNT HAS -- BY THE WAY, PARAMOUNT HAS GREAT PEOPLE, AND I'M CONFIDENT THAT AS WE TURN THE PAGE ON THIS NEW STRATEGY, WE WILL RESTORE PARAMOUNT TO GROWTH AND PROFITABILITY. A TYPICAL FILM STUDIO SHOULD BE IN THE 8% TO 12% MARGIN RANGE. I BELIEVE WE'LL GET THERE.
FABER: HOW MANY YEARS?
BAKISH: AND I THINK IT'S VERY EXCITING --
FABER: HOW MANY YEARS DO YOU THINK IT WILL TAKE YOU TO GET THERE?
BAKISH: I THINK IT WILL TAKE US -- LOOK, IF A PROJECT TAKES 2 ½ YEARS, YOU KNOW, WE WILL BE ON A CONTINUED IMPROVEMENT. AND PARAMOUNT HAS, I WOULD BELIEVE SOLID PERFORMANCE COMING IN THE BACK HALF OF THE YEAR, AND WE ARE GOING TO KEEP GOING INCREMENTALLY. BUT TO GET ALL THE WAY THERE, YOU'RE TALKING ABOUT TWO YEARS.
FABER: I WANT TO TALK QUICKLY ABOUT THE BALANCE SHEET. YOU'RE FAIRLY HIGHLY LEVERAGED, 3.7 TIMES. THE PREVIOUS MANAGEMENT TOOK ON A LOT OF DEBT, USED IT TO BUY BACK STOCK, WHICH HAD THE BENEFIT OF INCREASING EPS, BUT NOT MUCH ELSE. DO YOU FEEL YOU NEED TO DO MORE THINGS THAN PRODUCE INCREASED CASH FLOWS TO GET WHERE YOU WANT TO BE IN TERMS OF INVESTMENT GRADE OR REDUCED LEVERAGE, OR ARE YOU COMFORTABLE?
BAKISH: LOOK, WE'RE ABSOLUTELY COMMITTED TO MAINTAINING OUR INVESTMENT GRADE STATUS. AS YOU POINT, THE METRICS AREN'T THERE TODAY, BUT WE HAVE SOME RUNWAY, WE HAVE SOME TIME, AND WE HAVE A SPECIFIC PLAN TO GET THERE. THAT PLAN INCLUDES IMPROVED OPERATING PERFORMANCE, BUT THAT WON'T GET YOU ALL THE WAY THERE. WE ARE LOOKING AT SOME NONSTRATEGIC ASSETS THAT WE OWN. THAT WILL HELP. AND THEN WE'RE LOOKING AT SOME OTHER TACTICS. BUT YOU PUT THEM ALL TOGETHER, WE HAVE A PATH BACK TO INVESTMENT-GRADE METRICS. AND AGAIN, IT'S VERY IMPORTANT TO US.
FABER: AND NO PLANS TO SELL ANY PART OF PARAMOUNT?
BAKISH: NO PLANS TO SELL ANY PART OF PARAMOUNT. IN FACT, IT'S INTERESTING, IF YOU THINK OF PARAMOUNT IN THE ARC OF SIX MONTHS -- SIX MONTHS AGO, THE STRATEGY WAS TO ESSENTIALLY GO ON TRACK TO SELLING OR AT LEAST HALF OF THE STUDIO. TODAY WE UNVEILED A STRATEGY WHEREBY PARAMOUNT IS AN INTEGRAL PART OF VIACOM. IN FACT, WHEN I WAS WITH OUR EMPLOYEES OPENING OUR NEW STATE-OF-THE-ART HOLLYWOOD OFFICES FOR OUR PAY BRANDS A COUPLE WEEKS AGO, ONE OF THE THINGS I REMARKED THAT I LIKE IS YOU CAN SEE THE PARAMOUNT WATER TOWER OUT THE WINDOW, AND THAT WAS FORESHADOWING PARAMOUNT BECOMING MUCH CLOSER TO THE PAY BRANDS AND BECOMING AN INTEGRAL PART OF VIACOM. SO NO, THERE ARE NO PLANS TO SELL PARAMOUNT.
FABER: FINALLY, BOB, AFFILIATE FEES FOR YOUR SIX FLAGSHIPS ARE BUILT INTO AGREEMENTS, BUT THESE OTHER CABLE NETWORKS THAT YOU'RE NOT GOING TO BE INVESTING AS MUCH IN ANY LONGER, DO YOU RUN THE RISK OF HAVING AFFILIATE FEES GO DOWN AS A RESULT?
BAKISH: SO, A COUPLE POINTS. ONE IS, YES, WE TALKED TODAY ABOUT THE FLAGSHIP SIX. ALL OF OUR NETWORKS ARE NOT IN THE FLAGSHIP SIX. WE HAVE SOME OTHER STRONG NETWORKS – VH1, CMT, TV LAND, LOGO, ET CETERA, THAT ARE STILL – AND THE REASON THOSE NETWORKS ARE NOT IN THE FLAGSHIP SIX IS THEY ARE NOT GLOBAL. THAT'S ONE OF THE ATTRIBUTES. I DON'T BELIEVE THEY LEND THEMSELVES WELL TO A THEATRICAL WINDOW. THAT'S ANOTHER ATTRIBUTE. SO THEY'RE NOT FLAGSHIP, BUT THEY ARE FUNDAMENTALLY IMPORTANT TO THE COMPANY, POINT ONE. POINT TWO IS, IF YOU LOOK AT OUR AFFILIATE RELATIONSHIPS, WE TEND TO DO BUSINESS ON A BOUQUET BASIS, RIGHT? SO, WE WILL EVOLVE OUR RELATIONSHIPS TO PLACE ADDITIONAL IMPORTANCE ON THOSE NETWORKS, PARTICULARLY AS THEY GET MORE RESOURCES AND THEY GET STRONGER.
FABER: BOB, WE'VE GOT TO LEAVE IT THERE. SO MUCH MORE TO TALK ABOUT, BUT I HOPE THAT WE WILL BE ABLE TO CHECK IN WITH YOU OVER TIME.
BAKISH: I HOPE SO, TOO. THANKS, DAVID, I APPRECIATE YOUR TIME.
About CNBC:
With CNBC in the U.S., CNBCin Asia Pacific, CNBC in Europe, Middle East and Africa, and CNBC World, CNBCis the recognized world leader in business news and provides real-timefinancial market coverage and business information to approximately 381 millionhomes worldwide, including more than 94 million households in the United Statesand Canada. CNBC also provides daily business updates to 400 million householdsacross China. The network's 15 live hours a day of business programming inNorth America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC'sglobal headquarters in Englewood Cliffs, N.J., and includes reports from CNBCNews bureaus worldwide. CNBC at night features a mix of new realityprogramming, CNBC's highly successful series produced exclusively for CNBC anda number of distinctive in-house documentaries.
CNBC also has a vastportfolio of digital products which deliver real-time financial market news andinformation across a variety of platforms including: CNBC.com; CNBC PRO, thepremium, integrated desktop/mobile service that provides live access to CNBCprogramming, exclusive video content and global market data and analysis; asuite of CNBC mobile products including the CNBC Apps for iOS, Android andWindows devices; and additional products such as the CNBC App for the AppleWatch and Apple TV.
Members of the media canreceive more information about CNBC and its programming on the NBCUniversalMedia Village Web site at http://www.nbcumv.com/programming/cnbc.
For more information aboutNBCUniversal, please visit http://www.NBCUniversal.com.