Les Moonves Tells Advertisers That Media Would Be “Barren” Without Broadcast TV

By | Wednesday May 15, 2013 @ 2:00pm PDT

The CBS chief and his colleagues introduced their upfront sales pitches to advertisers today by taking a victory lap — a contrast to other networks’ efforts this week to promote their digital initiatives. Read More »

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CBS Execs Take Shots At The Competition

By | Wednesday May 15, 2013 @ 6:47am PDT
Nellie Andreeva

Per tradition, top CBS executives unveiled their fall schedule at an informal breakfast event this morning where they took some jabs at the other broadcast networks. A day after Jimmy Kimmel once again skewered CBS at the ABC upfront presentation, CBS Corp CEO Les Moonves had this to say: “I was very flattered when Jimmy Kimmel called us ‘smug motherfuckers. You don’t call somebody ‘smug motherfuckers’ unless they’re smug and they’re winning, so we’ll try to be a little less smug and a little more gracious, but that’s hard for me, as you know. But anyway, Jimmy, ABC is still going to finish fourth in 18-49.” To ABC: “If your late-night guy is the funniest you have, keep him there as long as you can.”

Related: CBS 2013-14 Schedule

CBS’ head of scheduling Kelly Kahl kept the zingers coming. Read More »

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Jay Leno Slams “Cheap” CBS, Calls Out Les Moonves During Craig Ferguson Chat: Video

By | Wednesday May 8, 2013 @ 11:37pm PDT

Jay Leno had some choice words for rival CBS and its brass during his interview Wednesday with Late Late Show host Craig Ferguson who was making his second appearance on The Tonight Show in less than two months. When the conversation swung to a recent incident when … Read More »

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Big Media Pay: Who Were 2012′s Highest Paid CEOs?

Highest Paid CEOs 2012No surprise about who topped the list of 2012′s highest paid CEOs at the media companies whose compensation practices I track most closely. (See here for an explanation). CBS’ Les Moonves returns to the head of the pack with $62.2M, even though his package was 11.1% smaller than it was in 2011. That was an anomaly: The top 20 collectively made $542.7M, up from $416.6M in 2011, according to company proxy statements filed at the SEC. It took $25.9M to crack the Top 10 — last year Time Warner Cable’s Glenn Britt made it with $16.4M. The most notable change in this year’s list vs 2011 is the jump by Liberty Media’s Greg Maffei to No. 2 from No. 28 as his company adjusted stock options just in case the feds change the corporate deduction this year for performance-based compensation.

Related: Big Media Moguls With Out-Of-Whack Compensation

Yahoo’s Marissa Mayer also joins the top 10 following her move there from Google. Her appearance also highlights a quirk in this year’s list which has more CEOs than companies: Yahoo had three CEOs last year (Mayer is still there) and there were two apiece at Sirius XM (James Meyer replaced Mel Karmazin) and Cinemark (Tim Warner is now in charge). Also, remember that this list just includes corporate CEOs, not division chiefs or board chairs. I’ll be back soon with a list of the highest-paid media execs. The numbers on the right are the amount in millions of dollars for the total compensation as reported by each company.

Here’s our list of 2012′s highest-paid media CEOs: Read More »

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Don’t Call CBS The “Old Fogey Network” Any More, Les Moonves Says: Video

By | Monday May 6, 2013 @ 8:50am PDT

The jokes about CBS‘ appeal to gray-haired viewers “are over” the company chief tells CNBC’s David Faber this morning now that the network is poised to end this season No. 1 among 18- to 49-year-olds for the first time in 23 years. Les Moonves enters the upfront ad … Read More »

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CBS Upfront Price Increases Could Hit “Low Double Digits” Les Moonves Says

By | Wednesday May 1, 2013 @ 3:30pm PDT

Les MoonvesThe upfront ad sales season would seem incomplete without a grandiose forecast from the CBS chief. But Les Moonves held his tongue regarding the upcoming market for 2013-2014…until tonight. He told analysts, following CBS’ Read More »

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Les Moonves Says CBS Will Keep Suing Aereo As It Expands

By | Wednesday May 1, 2013 @ 2:58pm PDT

The streaming service had better have a lot of lawyers lined up. CBS chief Les Moonves told analysts today that when Aereo expands from its first market in New York “we’ll sue them again” in different jurisdictions. “We’ll … Read More »

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Les Moonves Says CBS Could Go To Cable In “A Few Days” If It Loses Aereo Suit

By | Tuesday April 30, 2013 @ 4:42pm PDT

Les Moonves is out to get Aereo by any means necessary, but he “doesn’t lose sleep over it,” the CBS Corp president and CEO told the Milken Institute’s Global Conference today. “Barry Diller has done what he likes to do, disrupt things,” Moonves added. However, the CBS chief did say that if the situation couldn’t be resolved in the courts, he is more than willing to take CBS to cable. “We can do it in a few days. If we go to cable, if we are forced to, then about 10% of America will not get our signal and I don’t think they will like that,” Moonves said Tuesday. The CBS chief said that with around 2,000 subscribers in NYC, the “illegal” Aereo won’t hurt the network but that he still intends to shut them down. “We will go after them in the courts and if that doesn’t work there are other remedies. There are financial remedies; there are congressional remedies.” On Monday at the conference, IAC CEO Diller said that CBS and the other broadcasters suing Aereo want Congress to save them if their copyright infringement suits fail. Fox and Univision have also threatened to move to cable if Aereo prevails.

Related: Chase Carey Threatens To Make Fox A Pay Channel If Aereo Prevails Read More »

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Arsenio Hall Tells Lawyers About Moonves Wisecrack: “That Doesn’t Leave This Room”

By | Tuesday April 16, 2013 @ 9:35pm PDT

Tonight the Beverly Hills Bar Association honored Del, Shaw, Moonves  Tanaka, Finkelstein & Lezcano partner Nina Shaw with its 2013 Entertainment Lawyer of the Year award. Best moment of the evening? Arsenio Hall waving off stage Shaw partner and CBS … Read More »

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CBS’ Les Moonves Made $62.2M In 2012, -11.1%

By | Friday April 12, 2013 @ 2:02pm PDT

And we have a winner in the contest to see who was Big Media’s highest paid CEO in 2012. CBSLes Moonves‘ package was down from 2011, but still handily beat Discovery Communication‘s David Zaslav … Read More »

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Les Moonves: Season 8 Of Showtime’s ‘Dexter’ Will Be Its Last

By | Monday March 4, 2013 @ 9:52pm PST

In his call to investors today CBS head Les Moonves referred to the upcoming eighth season of Showtime’s Dexter as its “last season”, supporting speculation that the series is approaching its end. … Read More »

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Les Moonves Says C7 Ratings Standard Coming “Within A Year”

By | Monday March 4, 2013 @ 4:22pm PST

Les MoonvesThis was one of the points the CBS chief just made to investors to promote his favorite message: that all’s well for CBS and broadcasting. He’s been lobbying to have advertisers pay for the viewers who see commercial spots on DVRs as much as seven days after they first air, up from today’s three days. And that’s “coming right around the corner, and that will be good for us,” he said at a wide-ranging Q&A session at the Deutsche Bank Media, Internet and Telecom conference. Even with the existing C3 arrangement he predicts that in the upfront market “CBS will lead in volume and CPM increases” although he declined to provide a specific target. He adds, though, that “the thing that the press writes that bothers me the most is that 18-to-49 is the only viewer the advertiser cares about…The fact is, we win total viewers by more than we win every other demographic. We welcome everybody and we sell to everybody.” He’s also enthusiastic about digital streaming services including Netflix. “House Of Cards? That’s great. I don’t view them as a competitor. We’ve talked to them as a production company about producing shows for them. So they’re our friend, not our enemy.” Netflix also isn’t the only game in town. “Amazon’s jumping in in a big, big way,” Moonves says. But CBS will stick with selling online services for its older shows, especially serial dramas. “We’re not going to risk our entire schedule.” That’s the main reason why CBS didn’t join Hulu. If the company puts a show on CBS.com that interferes with viewing at the main network “I can pull that in 10 seconds. At Hulu you can’t. Once you give it up, it’s gone. Your child has left you.” Read More »

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Did Les Moonves’ Salesmanship Help CBS Shares Hit A Record High Today?

By | Friday February 15, 2013 @ 2:08pm PST

I was starting to think that the popular view of the CEO as a supersalesman for CBS was becoming a tired caricature, until I saw what happened to the company’s stock today. Shares were +4% — to a new high (at least since its spin off from Viacom at the end of 2005) of $44.64 — even after the broadcaster last night disclosed Q4 financials that fell short of the Street’s revenue and profit expectations. It certainly helped that CBS also announced a $1B accelerated share repurchase. But if that’s all it took to win over investors then they should be in love with DirecTV, which yesterday announced a $4B share repurchase, and beat Q4 expectations. Yet it’s down about 5.8% since Wednesday as investors focused instead on the shot the company will take from Venezuela’s currency devaluation. It seems that the Street is more forgiving of CBS at least in part because Les Moonves has dazzled investors with his boundless optimism. Read More »

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Les Moonves Says CBS Needs Few New Shows For Fall Schedule

By | Thursday February 14, 2013 @ 2:43pm PST

Ratings are so strong for the network’s current programs that “we aren’t going to need very much” for the fall primetime lineup, CBS chief Les Moonves told analysts today. He isn’t being complacent: CBS “ordered a couple of … Read More »

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CBS Adds $1B To Share Repurchase Plan As Q4 Earnings Fall Shy Of Expectations

By | Thursday February 14, 2013 @ 1:09pm PST

Shares are down slightly in initial after-market trading following a report that seems to present more questions than answers. CBS increased its share repurchases and reported net earnings of $393M, +6.2% vs the end of 2011, on revenues of $3.7B, +2.4%. But analysts expected the top line to be higher, at $3.79B. And adjusted earnings from continuing operations came in at 64 cents a share, short of forecasts for 69 cents. At the Entertainment unit — which includes the broadcast network and studios — revenues fell 3% to $1.99B with operating income +19.1% to $280M. The company says that ad revenues and retransmission consent fees were up, but the unit didn’t have the same bump it had last year from the deal to sell streaming rights to shows from The CW network. At the Cable Networks, which include Showtime, revenues were up 10.9% to $438M with operating income +4.1% to $176M. The improvement was partly due to higher rates and subscriptions for Showtime. In Local Broadcasting, the influx of political ads contributed to a 9.2% increase in revenues to $787M with operating income +21.9% to $295M. That income figure would have been higher had it not been for an $8M restructuring charge. Read More »

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Are Big Media CEOs Paid To Just Collect Affiliate Fees And Buy Back Stock?

By | Friday January 25, 2013 @ 8:45am PST

Bernstein Research’s Todd Juenger seems to think so based on his light-hearted, and occasionally acidic, effort this morning to develop awards for media business types who don’t qualify for, say, the Academy Awards. (For example, his “Best Actor” award to the executive with the highest earnings goes to CBS’ Les Moonves who made about $70M in 2011.) The stand-out line, though, summarizes his view about what it takes to be a Big Media CEO: They ”are rewarded mostly for doing nothing but collecting affiliate fees and buying back stock,” he says. “It takes a lot of guts to deviate from that formula, given the safety and reward that can be gained by sticking to it.” Juenger also nails the Alice In Wonderland logic companies use to justify CEOs’ jumbo-sized pay — especially when the compensation shows little correlation to stock performance over the last three years. For instance, he notes that “The top two earners over the three-year time frame, by far, are the CEOs of CBS ($171M) and Viacom ($162M), proving it’s especially lucrative to be a media CEO working for Sumner Redstone when he thinks you’re a ‘genius’ (CBS) or a ‘genius and the wisest man I ever met’ (Viacom).”  Read More »

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CBS Turns U.S. Outdoor Operation Into A REIT And Plans To Sell Overseas Unit

By | Wednesday January 16, 2013 @ 1:43pm PST

Shares are up 8.3% in after-hours trading following the announcement. Investors have long wanted CBS Corp to do something with the billboard unit, which didn’t seem to fit at a company focused on entertainment and news. CEO Les Moonves says he’s “enthusiastic” that the decision to turn the U.S. operation into a Real Estate Investment Trust, and sell the businesses in Europe and Asia, “will achieve significant value for our shareholders.” A REIT doesn’t have to pay corporate taxes but must give investors at least 90% of its taxable income. Last month, Moonves told investors that while CBS Outdoor is “a very good business”, CBS has “explored different options.” He added, though that there was “a very likely potential of keeping it and operating it and doing very well with it.” Analysts expect CBS to report that the Outdoor operation generated about $1.9B in revenue in 2012, up less than 1% vs 2011. Here’s today’s release: Read More »

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Les Moonves Says Cable Operators Should Pay Up For Popular Networks: UBS Confab

By | Tuesday December 4, 2012 @ 1:20pm PST

The CBS chief flipped the argument that Time Warner Cable CEO Glenn Britt made yesterday when he said that he may drop pricey cable channels that generate hash-mark ratings. “That means for the channels that are getting viewers, he’s going to pay more,” Les Moonves told the UBS Global Media and Communications Conference today. “He should pay the most for the guy who’s the No. 1 network.” Moonves milked the laughs: “We’re going in next year for $7″ per month per subscriber. Although he acknowledged that he’s joking, he added that “it’s bugged us that cable channels showing reruns of our shows were getting paid more” than CBS was for its first-run programming.

Moonves kept things light, referring at one point to actor Angus T. Jones as “that kid on Two And A Half Men who’s getting paid $300,000 per episode to talk bad about me.” Jones recently called on people to stop watching the show due to its “filth.” Read More »

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Les Moonves Urges Industry Watchers To “Stop Looking At Overnight Ratings”

By | Wednesday November 7, 2012 @ 3:23pm PST

Add the CBS chief to the gaggle of broadcast network execs who say that their soft early-season ratings mostly reflect changes in viewing habits — not dissatisfaction with their shows. “DVR usage has been growing, and streaming is pretty new, as is VOD,” Les Moonves told analysts in a call to discuss CBS Corp’s Q3 earnings. CBS shares are down about 10% since the fall season began, in part because investors are concerned about the ratings. (CBS is -17.6% in primetime among 18- to 49-year-olds for the first six weeks.) Things should improve, Moonves says, as Nielsen begins to count the growing number of viewers who watch shows on digital gadgets including smartphones and tablets. And he hopes to fold in many DVR users who record shows and watch them several days later. While the current system counts people who watch ads up to three days after a program airs, “we’re pushing to get it seven days, and we think it will happen in a short time.” Read More »

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