Is Les Moonves Planning To Buy CBS?
February 6, 2015 at 3:59 AM (PT)
There's been a lot of speculation regarding the health of NATIONAL AMUSEMENTS Chairman SUMNER REDSTONE, who is said to be in poor health. SUMNER's company, the parent of VIACOM and CBS, failed to deliver his usual talk during VIACOM’s latest earnings call THURSDAY (NET NEWS 2/2).
Now, THE NEW YORK POST reports, "CBS boss LES MOONVES, fearful a merger with VIACOM will be forced upon his company after majority owner SUMNER REDSTONE dies, is discussing ways to buy out the broadcaster’s controlling shareholder, NATIONAL AMUSEMENTS INC. MOONVES, the 65-year-old CEO of the Tiffany network, believes a merger with VIACOM will leave him in an inferior position vis-à-vis PHILIPPE DAUMAN, the VIACOM CEO, and could shortchange CBS minority shareholders."
Because of this fear, THE POST notes, "MOONVES has been having discussions with WALL STREET heavy hitters about backing such a buyout, sources said. '[MOONVES] has been talking to a few banks and private equity firms about buying CBS,' said a well-placed source."