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Discovery's "cost per first stream"

Disagree. I think its unlikely CBSAA will achieve that success, but I do think it's possible if handled properly. CBS is an established network with a decades old TV library and access to numerous licensing deals and partnerships.
I think that if they are trying to replicate Netlfix's success, they need to pour significant resources into it - for example, getting the Paramount/Viacom/CBS movie library online - and heavily advertise the classics. New network shows as well as original streaming-only shows - do ten shows as popular as STD and you"ll gain traction. All this supposes that CBSAA isn't angling for a buyout from Amazon, Hulu or Netflix.
CBS have one big disadvantage compared with Netflix, which is their Americentric market - they're an American network and known as such. I'd imagine most people here (and in most countries) would think 'CBS? Why would I want that?' even if they actually watch a lot of CBS programming without realising it. It's like asking the international market to adopt our 4 On Demand.
 
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