Les Moonves Tells Conference Selling Music Business In '88 To Sony Was 'A Mistake'
May 20, 2016 at 5:06 AM (PT)
CBS CORPORATION Chairman/Pres./CEO LESLIE MOONVES is on record as not being the biggest believer in the growth of radio, but perhaps the music business was something CBS should have remained a part of - based on comments he made at the NEEDHAM Emerging Technology Conference in NEW YORK on THURSDAY (5/20).
MOONVES has explained on earlier occasions that CBS is "moving forward with our initiative to separate our radio business, which will unlock value for shareholders and further diversify our revenue streams," adding, "We are working towards separating our radio business from the CBS CORP. There's been a lot of interest from outside parties. So, we have a number of different options to consider, and we will continue to keep you posted on this important initiative."
As for the music business, DEADLINE.COM reports, "he observed that the 'biggest mistake' CBS made — before he moved to the company — was the 1988 decision to sell its recorded music business to SONY. Then-CEO LARRY TISCH 'couldn’t stand the guys in the record business. He thought there was a little too much drugs and rock ‘n roll.' But it 'wasn’t a great deal. SONY MUSIC has done very very well since then'.”