This paper derives a model for the CNR in the presence of un-modulated FM and TV carriers on an analog fiber optic CATV link. Empirically, the inter-modulation distortion generated by the FM carriers mixing with themselves and with the TV carriers cannot be distinguished from noise and therefore in the presence of FM carriers, a new noise contribution should be added to the CNR formula denominator, namely distortion induced FM noise. It is the specific objective of this paper to derive the a modified CNR equation taking into account the FM effects.