Leslie Moonves: 'I'm Not Going To' Buy CBS
May 28, 2015 at 4:10 AM (PT)
At the RE/CODE CONFERENCE in RANCHO PALOS VERDES, CA WEDNESDAY (5/28), CBS CORP. CEO LESLIE MOONVES put an end -- for at least the moment -- to the speculation that he plans to make a bid to buy his company as the speculation about Chairman and controlling stockholder SUMNER REDSTONE's succession plans heats up. MOONVES, in a Q&A segment closing his panel at the conference, said: "The board of directors will decide the fate of this company. I would like to buy CBS. I’m not going to." He asserted that CBS CORP. "will remain a public company."
MOONVES also tried to quash rumors that CBS and its former corporate partner VIACOM, also controlled by REDSTONE, would seek to merge after the corporate patriarch passes, saying: "They (VIACOM) don’t want to be reunited with us, and we don’t want to be reunited with them. The combination of those businesses would be of no advantage."
The comments punctuated a session in which MOONVES said that CBS' participation in APPLE's projected over-the-top subscription TV service is probable and that talks with APPLE are continuing but that money is the primary issue.