"Under $40" reads to me as $39.99 a month."
The current deal includes user access to CBS Sports Network and Pop, a pop culture focused network, with the potential for more CBS networks -- like CBS's Smithsonian Channel and The CW -- to be added down the line.
Missing a lot... it's a live TV service that ALSO includes CBS. If true, it would be the first service to include CBS outside of their own standalone service.
Hulu is owned by Fox, NBC (Comcast), ABC (Disney) and Time Warner (HBO, TNT, TBS, CNN)... so they're already in. This could be the service that changes everything, since as owners, they could in theory take less (or provide for free) for their channels since they split the subscription fee itself, leaving more of the pot to get contracts with other companies like Scripps, Viacom, etc.
I'm getting CBS (and PBS, NBC, Fox, ABC, etc) for free with my TabloTV and I get DVR too. I did have to buy the device and subscribe to the guide service (which I did with a single lifetime payment). Now I've added DirecTV Now and I really have all I need. CBS trying to be exclusive is a joke to me.
I get live TV from broadcast networks for free. Old school antenna.