-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EnSdri3iiQPv7PPyNAOK80/ctp+whsT9TiAzZp50/kC4HodAvhivGE46MU/aANn0 OcIZ2qjE/WRHut7M8qnc9A== 0000950128-98-001085.txt : 19981030 0000950128-98-001085.hdr.sgml : 19981030 ACCESSION NUMBER: 0000950128-98-001085 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19981029 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19981029 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CBS CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 250877540 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-00977 FILM NUMBER: 98732853 BUSINESS ADDRESS: STREET 1: 51 WEST 52ND STREET CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2129754321 MAIL ADDRESS: STREET 1: 51 WEST 52ND STREET CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC & MANUFACTURING CO DATE OF NAME CHANGE: 19710510 8-K 1 CBS CORPORATION 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549-1004 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 29, 1998 Commission file number 1-977 ----- CBS CORPORATION --------------- (Exact name of registrant as specified in its charter) PENNSYLVANIA 25-0877540 ------------ ---------- (State or other jurisdiction (I.R.S. Employer of incorporation) Identification Number) 51 West 52nd Street, New York, NY 10019 --------------------------------------- (Address of principal executive offices; zip code) (212) 975-4321 -------------- (Registrant's Telephone No., including area code) 2 Item 5. Other Events On October 29, 1998, the Registrant issued a press release concerning earnings for the quarter and year-to-date ended September 30, 1998. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein. A copy of the Condensed Consolidated Statement of Income for the quarter and year-to-date ended September 30, 1998 and 1997 is attached hereto as Exhibit 99.2 and is incorporated herein in its entirety. Certain segment information has been restated to reflect the allocation of the goodwill acquired in connection with the 1995 acquisition of CBS Inc. between the Radio and Outdoor Advertising, and Television segments. Such goodwill and related amortization was previously recorded in Corporate and Other. A copy of the restated segments for 1998, 1997, and 1996 by quarter and total year for 1995 is attached hereto as Exhibit 99.3 and incorporated herein in its entirety. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits Exhibit No. 99.1 Press release concerning earnings of the Registrant for the quarter ended September 30, 1998 is filed as Exhibit 99.1 to this Report. 99.2 Condensed Consolidated Statement of Income for the quarter and year-to-date ended September 30, 1998 and 1997, is filed as Exhibit 99.2 to this Report. 99.3 Segment Results for 1998, 1997, and 1996, by quarter and total year for 1995 is filed as Exhibit 99.3 to this Report. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CBS CORPORATION (Registrant) By: /s/ CAROL V. SAVAGE ------------------------------- Carol V. Savage Vice President, Finance Date: October 29, 1998 3 EXHIBIT INDEX Exhibit No. Description Sequential Page No. - ----------- ----------- ------------------- 99.1 Press Release 99.2 Condensed Consolidated Statement of Income for the quarter and year-to-date ended September 30, 1998 and 1997. 99.3 Segment Results for 1998, 1997, and 1996 by quarter and total year for 1995. EX-99.1 2 CBS CORPORATION 1 Exhibit 99.1 CBS CORPORATION REPORTS RECORD THIRD QUARTER OPERATING RESULTS REVENUES UP 23% EBITDA UP 57% AFTER-TAX CASH FLOW UP 115% NEW YORK, Oct. 29, 1998 -- CBS Corporation (NYSE:CBS) reported record revenues and earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of 1998. The Company's revenues for the third quarter of 1998 were $1,581,000,000, an increase of 23% over the third quarter of 1997. All of the Company's businesses contributed to record revenues for the quarter. Revenues for the Company's Television segment -- which includes the CBS Television Stations, the CBS Television Network and CBS Cable -- were $1,049,000,000 in the third quarter of 1998, an increase of 15% over the corresponding 1997 quarter. This strong growth was led by the Company's Cable programming operations -- The Nashville Network (TNN) and Country Music Television (CMT). The Radio and Outdoor segment had revenues of $534,000,000 for the third quarter of 1998, an increase of 42% over the corresponding 1997 quarter. The increase was due to strong growth at the Company's existing stations and TDI, the Company's outdoor business, as well as the inclusion of the results of operations of American Radio's stations which were acquired in June 1998. On a pro forma, same station basis, assuming the American Radio acquisition had occurred at the beginning of the periods presented, revenues for the Radio and Outdoor segment increased by 12%. As previously announced, the Company recorded a pre-tax charge of $68,000,000, primarily to streamline operations and reduce cost structures of its Television segment. The Company's EBITDA from Continuing Operations, before the charge, was $336,000,000 for the third quarter of 1998, an increase of $122,000,000, or 57% as compared to the third quarter of 1997. (More) 2 CBS Corporation...2 The increase in EBITDA, excluding the charge, was principally due to record results at the Company's Radio and Outdoor segment, as well as increases in the Television segment. For the third quarter of 1998, EBITDA for the Radio and Outdoor segment was $230,000,000, an increase of $80,000,000 or 53% over the 1997 quarter. On a pro forma basis, assuming the acquisition of American Radio has occurred at the beginning of the periods presented, EBITDA for the Radio and Outdoor segment for the third quarter of 1998 increased 24% over the third quarter of 1997. The EBITDA, excluding the charge, for the Television segment for the third quarter of 1998 increased by 22% over the 1997 third quarter with both the Television stations and Cable operations contributing to the growth. Mel Karmazin, President and Chief Operating Officer, CBS Corporation, commented: "All of the Company's operating units have contributed to the third quarter record operating results. We are particularly pleased with the core growth at our Radio and Outdoor businesses, the Company's largest contributor to its EBITDA, as well as at our Cable programming operations and Television stations." Mr. Karmazin added: "The Company expects to benefit from the ratings improvement at the CBS Television Network which, combined with the reduction in its cost structure, will enable the Network to become a positive contributor to the Company's future cash flows." For the third quarter of 1998, after-tax cash flow (EBITDA, less interest and cash taxes paid) before the special charge was $209,000,000, an increase of 115% from the third quarter of 1997. This increase was due to substantial improvements in the Company's operating results. During the third quarter, income from Continuing Operations, excluding the aforementioned charge, was $3,000,000, or zero cents per share, compared to a loss of $19,000,000, or $0.03 per share for the 1997 quarter. Including the charge, the Company's net loss for the quarter was $43,000,000, or $0.06 per share, compared to a loss of $162,000,000, or $0.26 per share, in the prior year's quarter. For the first nine months of 1998, the Company reported a loss, including the charge, of $15,000,000 from Continuing Operations, compared to a loss of $121,000,000 in the first nine months of 1997. Over the same period, EBITDA, excluding the charge, grew from $531,000,000 in 1997 to $882,000,000 in 1998, an increase of 66%. Including the charge, EBITDA year-to-date grew 53%. (More) 3 CBS Corporation...3 During 1998, the Company has purchased more than 25,000,000 common shares at a cost of approximately $780,000,000, pursuant to a $3 billion stock buyback authorization. Fredric G. Reynolds, Chief Financial Officer, CBS Corporation, commented: "Our stock repurchase program balances our need to continue to grow our businesses, and to reward our shareholders." # # # Contact: Gil Schwartz (N.Y.) 212-975-2121 Note: Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Reference is made to the Company's Annual Report on Form 10-K for the 1997 year filed with the Securities and Exchange Commission for additional information concerning such risks and uncertainties. EX-99.2 3 CBS CORPORATION 1 Exhibit 99.2 CBS CORPORATION EARNINGS INFORMATION THIRD QUARTER (unaudited)
(in millions except per share data) Three Months Ended Nine Months Ended Sept 30 Sept 30 ------------------------------ ------------------------------ 1998 1997 * 1998 1997 * ------------------------------ ------------------------------ Revenues $1,581 $1,285 $5,014 $3,894 Operating expenses (1,284) (1,038) (4,112) (3,316) Depreciation and amortization (154) (107) (420) (317) Residual costs of discontinued businesses (41) (35) (117) (106) ------------ ------------ ------------ ----------- Operating costs and expenses (1,479) (1,180) (4,649) (3,739) ------------ ------------ ------------ ----------- Operating profit 102 105 365 155 Other income and expenses, net 12 2 29 59 Interest expense (112) (102) (272) (305) ------------ ------------ ------------ ----------- Income (loss) from Continuing Operations before income taxes and minority interest 2 5 122 (91) Income tax (expense) benefit (39) (25) (134) (32) Minority interest (1) 1 (3) 2 ------------ ------------ ------------ ----------- Income (loss) from Continuing Operations (38) (19) (15) (121) ------------ ------------ ------------ ----------- Income (loss) from Discontinued Operations, net of income taxes - (143) - (191) ------------ ------------ ------------ ----------- Extraordinary item: Loss on early extinguishment of debt (5) - (5) - ------------ ------------ ------------ ----------- Net Income (loss) ($43) ($162) ($20) ($312) ============ ============ ============ =========== Dividend requirements for Series C preferred stock - - - 23 Net income (loss) applicable to common stock ($43) ($162) ($20) ($335) ============ ============ ============ =========== Average shares outstanding - basic 697 630 698 608 Average shares outstanding - diluted 697 630 698 608 Basic and diluted earnings (loss) per common share: Continuing Operations ($0.05) ($0.03) ($0.02) ($0.24) Discontinued Operations $0.00 ($0.23) $0.00 ($0.31) Extraordinary item ($0.01) $0.00 ($0.01) $0.00 ------------ ------------ ------------ ----------- Basic and diluted earnings (loss) per common share ($0.06) ($0.26) ($0.03) ($0.55) ============ ============ ============ ===========
* Certain previously reported amounts have been reclassified to conform to the 1998 presentation. EX-99.3 4 CBS CORPORATION 1 Exhibit 99.3 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended March 31 --------------------------------------- 1998 1997 % Change ---- ---- -------- TELEVISION * Sales $ 1,620 $ 1,015 59.6% Operating Profit (Loss) 127 (33) 484.8% OP (Loss) without Special Items 127 (33) 484.8% Depreciation & Amortization 80 55 45.5% Capital Expenditures 12 17 -29.4% EBITDA 212 49 332.7% EBITDA without Special Items 212 49 332.7% RADIO & OUTDOOR Sales 330 313 5.4% Operating Profit (Loss) 64 42 52.4% OP (Loss) without Special Items 64 42 52.4% Depreciation & Amortization 49 49 - Capital Expenditures 4 3 33.3% EBITDA 113 91 24.2% EBITDA without Special Items 113 91 24.2% CORPORATE & OTHER Sales (1) (2) 50.0% Operating Profit (Loss) (17) (28) 39.3% OP (Loss) without Special Items (17) (28) 39.3% Depreciation & Amortization 1 1 - Capital Expenditures 2 1 100.0% EBITDA (16) (13) -23.1% EBITDA without Special Items (16) (13) -23.1% RESIDUAL COSTS OF DISCONTINUED BUSINESSES Sales - - N/A Operating Profit (Loss) (38) (35) -8.6% OP (Loss) without Special Items (38) (35) -8.6% Depreciation & Amortization - - N/A Capital Expenditures - - N/A EBITDA (38) (35) -8.6% EBITDA without Special Items (38) (35) -8.6% TOTAL CONTINUING OPERATIONS Sales 1,949 1,326 47.0% Operating Profit (Loss) 136 (54) 351.9% OP (Loss) without Special Items 136 (54) 351.9% Depreciation & Amortization 130 105 23.8% Capital Expenditures 18 21 -14.3% EBITDA 271 92 194.6% EBITDA without Special Items 271 92 194.6%
* Formerly Network, Television Stations, and Cable 2 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Six Months Ended June 30 June 30 --------------------------------------- --------------------------------------- 1998 1997 % Change 1998 1997 % Change ---- ---- -------- ---- ---- -------- TELEVISION * Sales $ 1,030 $ 905 13.8% $ 2,650 $ 1,920 38.0% Operating Profit (Loss) 45 42 7.1% 172 9 1811.1% OP (Loss) without Special Items 45 42 7.1% 172 9 1811.1% Depreciation & Amortization 78 54 44.4% 158 109 45.0% Capital Expenditures 19 14 35.7% 31 31 - EBITDA 133 100 33.0% 345 149 131.5% EBITDA without Special Items 133 100 33.0% 345 149 131.5% RADIO & OUTDOOR Sales 456 378 20.6% 786 691 13.7% Operating Profit (Loss) 141 107 31.8% 205 149 37.6% OP (Loss) without Special Items 141 107 31.8% 205 149 37.6% Depreciation & Amortization 57 49 16.3% 106 98 8.2% Capital Expenditures 7 3 133.3% 11 6 83.3% EBITDA 198 157 26.1% 311 248 25.4% EBITDA without Special Items 198 157 26.1% 311 248 25.4% CORPORATE & OTHER Sales (2) - N/A (3) (2) -50.0% Operating Profit (Loss) (21) (9) -133.3% (38) (37) -2.7% OP (Loss) without Special Items (21) (9) -133.3% (38) (37) -2.7% Depreciation & Amortization 1 2 -50.0% 2 3 -33.3% Capital Expenditures 1 1 - 3 2 50.0% EBITDA (18) 4 -550.0% (34) (9) -277.8% EBITDA without Special Items (18) 4 -550.0% (34) (9) -277.8% RESIDUAL COSTS OF DISCONTINUED BUSINESSES Sales - - N/A - - N/A Operating Profit (Loss) (38) (36) -5.6% (76) (71) -7.0% OP (Loss) without Special Items (38) (36) -5.6% (76) (71) -7.0% Depreciation & Amortization - - N/A - - N/A Capital Expenditures - - N/A - - N/A EBITDA (38) (36) -5.6% (76) (71) -7.0% EBITDA without Special Items (38) (36) -5.6% (76) (71) -7.0% TOTAL CONTINUING OPERATIONS Sales 1,484 1,283 15.7% 3,433 2,609 31.6% Operating Profit (Loss) 127 104 22.1% 263 50 426.0% OP (Loss) without Special Items 127 104 22.1% 263 50 426.0% Depreciation & Amortization 136 105 29.5% 266 210 26.7% Capital Expenditures 27 18 50.0% 45 39 15.4% EBITDA 275 225 22.2% 546 317 72.2% EBITDA without Special Items 275 225 22.2% 546 317 72.2%
* Formerly Network, Television Stations, and Cable 3 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Nine Months Ended September 30 September 30 --------------------------------------- --------------------------------------- 1998 1997 % Change 1998 1997 % Change ---- ---- -------- ---- ---- -------- TELEVISION * Sales $ 1,049 $ 909 15.4% $ 3,699 $ 2,829 30.8% Operating Profit (Loss) 7 72 -90.3% 179 81 121.0% OP (Loss) without Special Items 71 72 -1.4% 243 81 200.0% Depreciation & Amortization 81 56 44.6% 239 165 44.8% Capital Expenditures 34 27 25.9% 65 58 12.1% EBITDA 92 130 -29.2% 437 279 56.6% EBITDA without Special Items 158 130 21.5% 503 279 80.3% RADIO & OUTDOOR Sales 534 377 41.6% 1,320 1,068 23.6% Operating Profit (Loss) 157 99 58.6% 362 248 46.0% OP (Loss) without Special Items 157 99 58.6% 362 248 46.0% Depreciation & Amortization 71 51 39.2% 177 149 18.8% Capital Expenditures 9 4 125.0% 20 10 100.0% EBITDA 230 150 53.3% 541 398 35.9% EBITDA without Special Items 230 150 53.3% 541 398 35.9% CORPORATE & OTHER Sales (2) (1) -100.0% (5) (3) -66.7% Operating Profit (Loss) (21) (31) 32.3% (59) (68) 13.2% OP (Loss) without Special Items (19) (31) 38.7% (57) (68) 16.2% Depreciation & Amortization 2 - N/A 4 3 33.3% Capital Expenditures 1 2 -50.0% 4 4 - EBITDA (13) (31) 58.1% (47) (40) -17.5% EBITDA without Special Items (11) (31) 64.5% (45) (40) -12.5% RESIDUAL COSTS OF DISCONTINUED BUSINESSES Sales - - N/A - - N/A Operating Profit (Loss) (41) (35) -17.1% (117) (106) -10.4% OP (Loss) without Special Items (41) (35) -17.1% (117) (106) -10.4% Depreciation & Amortization - - N/A - - N/A Capital Expenditures - - N/A - - N/A EBITDA (41) (35) -17.1% (117) (106) -10.4% EBITDA without Special Items (41) (35) -17.1% (117) (106) -10.4% TOTAL CONTINUING OPERATIONS Sales 1,581 1,285 23.0% 5,014 3,894 28.8% Operating Profit (Loss) 102 105 -2.9% 365 155 135.5% OP (Loss) without Special Items 168 105 60.0% 431 155 178.1% Depreciation & Amortization 154 107 43.9% 420 317 32.5% Capital Expenditures 44 33 33.3% 89 72 23.6% EBITDA 268 214 25.2% 814 531 53.3% EBITDA without Special Items 336 214 57.0% 882 531 66.1%
* Formerly Network, Television Stations, and Cable 4 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Total Year December 31 December 31 ------------------- ------------- 1997 1997 ---- ---- TELEVISION * Sales $ 1,062 $ 3,891 Operating Profit (Loss) 48 129 OP (Loss) without Special Items 48 129 Depreciation & Amortization 79 244 Capital Expenditures 44 102 EBITDA 133 412 EBITDA without Special Items 133 412 RADIO & OUTDOOR Sales 412 1,480 Operating Profit (Loss) 124 372 OP (Loss) without Special Items 124 372 Depreciation & Amortization 48 197 Capital Expenditures 5 15 EBITDA 177 575 EBITDA without Special Items 177 575 CORPORATE & OTHER Sales (1) (4) Operating Profit (Loss) (37) (105) OP (Loss) without Special Items (22) (90) Depreciation & Amortization 1 4 Capital Expenditures - 4 EBITDA (32) (72) EBITDA without Special Items (17) (57) RESIDUAL COSTS OF DISCONTINUED BUSINESSES Sales - - Operating Profit (Loss) (37) (143) OP (Loss) without Special Items (37) (143) Depreciation & Amortization - - Capital Expenditures - - EBITDA (37) (143) EBITDA without Special Items (37) (143) TOTAL CONTINUING OPERATIONS Sales 1,473 5,367 Operating Profit (Loss) 98 253 OP (Loss) without Special Items 113 268 Depreciation & Amortization 128 445 Capital Expenditures 49 121 EBITDA 241 772 EBITDA without Special Items 256 787
* Formerly Network, Television Stations, and Cable 5 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended ---------------------------------------------------- Total Year Mar. 31 June 30 Sept. 30 Dec. 31 December 31 1996 1996 1996 1996 1996 ---- ---- ---- ---- ---- TELEVISION * Sales $ 990 $ 951 $ 766 $ 856 $ 3,563 Operating Profit (Loss) 33 161 50 (15) 229 OP (Loss) without Special Items 33 161 50 (15) 229 Depreciation & Amortization 52 57 53 51 213 Capital Expenditures 18 5 16 30 69 EBITDA 85 222 119 41 467 EBITDA without Special Items 85 222 119 41 467 RADIO & OUTDOOR Sales 121 145 136 152 554 Operating Profit (Loss) 15 42 37 46 140 OP (Loss) without Special Items 15 42 37 46 140 Depreciation & Amortization 16 13 13 15 57 Capital Expenditures 1 1 2 2 6 EBITDA 31 55 49 62 197 EBITDA without Special Items 31 55 49 62 197 CORPORATE & OTHER Sales 6 4 8 8 26 Operating Profit (Loss) (96) (36) (17) (52) (201) OP (Loss) without Special Items (20) (36) (17) (43) (116) Depreciation & Amortization (1) 5 2 3 9 Capital Expenditures 2 10 2 4 18 EBITDA (91) (28) (8) (35) (162) EBITDA without Special Items (15) (28) (8) (26) (77) RESIDUAL COSTS OF DISCONTINUED BUSINESSES Sales - - - - - Operating Profit (Loss) (24) (30) (30) (30) (114) OP (Loss) without Special Items (24) (30) (30) (30) (114) Depreciation & Amortization - - - - - Capital Expenditures - - - - - EBITDA (24) (30) (30) (30) (114) EBITDA without Special Items (24) (30) (30) (30) (114) TOTAL CONTINUING OPERATIONS Sales 1,117 1,100 910 1,016 4,143 Operating Profit (Loss) (72) 137 40 (51) 54 OP (Loss) without Special Items 4 137 40 (42) 139 Depreciation & Amortization 67 75 68 69 279 Capital Expenditures 21 16 20 36 93 EBITDA 1 219 130 38 388 EBITDA without Special Items 77 219 130 47 473
* Formerly Network, Television Stations, and Cable 6 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Total Year December 31 -------------- 1995 ---- TELEVISION * Sales $ 797 Operating Profit (Loss) 164 OP (Loss) without Special Items 164 Depreciation & Amortization 38 Capital Expenditures 21 EBITDA 222 EBITDA without Special Items 222 RADIO & OUTDOOR Sales 216 Operating Profit (Loss) 53 OP (Loss) without Special Items 53 Depreciation & Amortization 18 Capital Expenditures 9 EBITDA 70 EBITDA without Special Items 70 CORPORATE & OTHER Sales 61 Operating Profit (Loss) (20) OP (Loss) without Special Items 5 Depreciation & Amortization 2 Capital Expenditures 2 EBITDA 115 EBITDA without Special Items 140 RESIDUAL COSTS OF DISCONTINUED BUSINESSES Sales - Operating Profit (Loss) (37) OP (Loss) without Special Items (37) Depreciation & Amortization - Capital Expenditures - EBITDA (37) EBITDA without Special Items (37) TOTAL CONTINUING OPERATIONS Sales 1,074 Operating Profit (Loss) 160 OP (Loss) without Special Items 185 Depreciation & Amortization 58 Capital Expenditures 32 EBITDA 370 EBITDA without Special Items 395
* Formerly Network, Television Stations, and Cable -----END PRIVACY-ENHANCED MESSAGE-----