Moonves Hints CBS Will Gain From Political Ads
January 11, 2008 at 5:56 AM (PT)
CBS CORP will see growth in 2008 in "every single division" and no short-term effects from a looming economic downturn or HOLLYWOOD's writers strike, CEO LES MOONVES told analysts on THURSDAY, reports REUTERS.
"The fundamentals of all our businesses are sound," said MOONVES, as he launched into a presentation he said was designed to convince WALL STREET that his company's shares are undervalued. "As we look toward a potential downturn in our economy ... we haven't seen any evidence of it, neither in the fourth quarter nor the beginning of the first quarter, including our local businesses," MOONVES told CITIGROUP's Annual Global Entertainment, Media & Telecommunications Conference.
CBS expects to reap about 10% of an estimated $3 billion in political advertising this year, with the radio achieving significant increases.
CBS expects to reap about 10% of an estimated $3 billion in political advertising this year, with the radio "achieving significant increases," MOONVES said.
He would not confirm analysts' estimates that the network stood to gain $250 million from political advertising at its owned and operated stations. "I'm not going to verify it or not," MOONVES said, "but I wouldn't tell you you are crazy."