Redstone: Facebook Too Pricey For Viacom
October 5, 2006 at 6:06 AM (PT)
VIACOM is not interested in bidding for popular Internet site FACEBOOK.COM, Chairman SUMNER REDSTONE said on PBS' "CHARLIE ROSE SHOW" WEDNESDAY night, but REDSTONE remained noncommittal when asked about the possibility of VIACOM buying YOUTUBE.
REDSTONE, discussing losing out in the bidding for MYSPACE to NEWS CORP., said that he ordered VIACOM's then-CEO TOM FRESTON to close that deal and termed the subsequent loss to rival RUPERT MURDOCH "humiliating." The price for FACEBOOK, REDSTONE said, is "too high," but he would only say of YOUTUBE that "it's a very good company."
REDSTONE was not as positive about satellite radio, which he noted continues to lose money, but voiced his support for CBS RADIO, noting that the company is doing "a billion dollars a year" (in cash flow) despite slow growth.