February 14, 2013 |
Broadcasting giant CBS Corp. is taking a minority stake in AXS TV, the nascent music-oriented cable channel owned by billionaire Mark Cuban and Los Angeles entertainment giant AEG. CBS will receive an undisclosed interest in the high-definition television channel in exchange for providing programming and marketing to the joint venture. With rights to such prominent events as the Grammy Awards, Broadway's Tony Awards and the Academy of Country Music Awards, CBS can give AXS a front row seat and backstage access that other channels lack. Major programs will continue to air on the CBS broadcast network, but CBS plans to provide hours of additional coverage to its tentpole events with extras such as red carpet and backstage interviews. CBS also agreed to promote the channel and its events on CBS' top-rated television network, TV stations, radio stations and even billboards.
February 13, 2013 |
Netflix, Amazon and other digital platforms may be new competition for traditional broadcast and cable networks, but they are also becoming valuable revenue sources as well. On Wednesday, CBS said it was selling more of its library to Amazon for use on its Prime Instant Video Service. This is the second deal this week between the two companies. On Monday, CBS sold rights to stream its upcoming Stephen King miniseries "Under the Dome" just days after episodes air on the network. Shows CBS owns that are headed to Prime Instant include the sitcom "Everybody Loves Raymond" as well the Showtime dramas "The L Word" and "The United States of Tara.
December 11, 2012 |
The long-running fight between CBS and outdoor billboard company Titan for the right to sell advertising on Los Angeles County buses and trains should finally be decided this week. On Thursday, the Los Angeles Metropolitan Transportation Agency's board of directors scheduled a vote to decide between the two companies for a new five-year contract starting in 2013. CBS has bid $110 million for the contract while Titan offered $117 million. Although Titan's bid is higher, the staff of the Los Angeles MTA has twice backed CBS, which has held the contract for more than 30 years.
November 7, 2012 |
Higher fees for programming boosted broadcasting giant CBS Corp. to a solid third quarter with 15.7% growth in profit. For the period that ended Sept. 30, the company reported net earnings of $391 million, or 60 cents a share, up from $338 million, or 50 cents a share, during the third quarter of 2011. The earnings matched Wall Street analysts' forecasts. "CBS is keeping its streak with another quarter of record-breaking results," Chief Executive Leslie Moonves said Wednesday in a conference call with analysts.
October 15, 2012 |
CBS Corp. is not about to lose Leslie Moonves. The 63-year-old chief executive has signed a new five-year deal, long in advance of his previous contract expiring in 2015. Moonves' new employment agreement, announced Monday, will keep the veteran television executive at the helm of the media company at least through June 2017. “This agreement secures the company even further into the future," Sumner Redstone, the company's chairman said. The terms of the new contract stipulates that Moonves' salary will remain at its current level, CBS said in a statement.
September 20, 2012 |
The last new episode of "I Love Lucy" was broadcast over 50 years ago, but the classic sitcom is still a cash cow for CBS. Speaking at Goldman Sachs Communacopia Conference in New York on Thursday, CBS Chief Executive Leslie Moonves said "I Love Lucy" is still delivering about $20 million in revenue. Reruns of the show still run on a regular basis on the cable channel TV Land. During much of the interview, Moonves stressed the value of CBS' new and old content, particularly as new platforms such as Netflix and Amazon are spending heavily for product.