Just when you think it can't get any worse for Les Moonves, it does. He's already slashed the CBS Inc dividend. Today the stock fell more than 17%. That followed a UBS downgrade of the media stock from neutral to sell because so much of the company's revenues are generated through auto advertising (65%), including local ads which are also dominated by car commercials. So even though CBS shows comprise half of Nielsen's Top 10, the stock closed today at $3.79.
Les Is Less: CBS Falls 17% On Downgrade
By Nikki Finke | Category: Finance | Monday March 30, 2009 @ 5:01pm PST
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Hmmm…do we think Mr.Moonves’ massive “executive compensation” will be going down 17%? Yeah right…just like SAG and AMPTP are on the verve of signing an “agreement.”
Umberto
Why doesn’t he 86 the CW? It’s an albatross. He should sell the 1-2 semi-viable CW shows to other nets (like the NBC-ABC “Scrubs” deal), cut his losses, and get out.
17% aint too bad at all.
Could be much worse later, as you can expect with ANY downgrade. Time for new shows?
Nikki
How is CBS Films funded and why haven’t they made a movie yet? Seems to me with all this les-slashing, he has no play money left for his movie venture. Thoughts?
I’m sure CBS Theatrical Films will be hugely successful and make him tons of money!
no worries….the CBS ” feature” film division will save everything!
Good. CBS is an America-hating, leftist sellout network anyway.
@TJ:
THE UNIT, a CBS primetime show about the Army’s Delta Force and their families is as far from “America-hating” as you can get. It in fact shows the military in a good way and honors them.
I sure as hell hope CBS doesn’t ax this show and keep lesser ones on. There isn’t another show like it with as much talent behind and in front of the camera.
Becca
THE UNIT Army Family member from the other side of the screen
The Unit is one of CBS’ weakest performing shows. Certain to be cancelled.
It’s no surprise that CBS is feeling the effects of the recession/depression as well. I’m sure the other networks are, as well.
With this in addition to the news that CBS is demanding that all shows (including ‘hits’) having to trim their budgets, you can see where they’re hoping funding for their new ‘feature film’ department will come.