CBS' Moonves Talks Radio, Dividends, TV Future At UBS Conference
December 10, 2008 at 3:59 PM (PT)
CBS CORP. CEO LES MOONVES told the UBS MEDIA CONFERENCE in NEW YORK that the company continues to discuss selling some of its radio properties and intends to "continue to pay a solid dividend for the foreseeable future" and will "revisit that with our board." CBS' dividend has been the subject of much discussion among shareholders and analysts, with some expecting a substantial cut in the quarterly divident to help reduce the company's debt. The next dividend declaration is scheduled for FEBRUARY.
In other comments made at the conference, MOONVES said that the network television model "ain't broke. You can still make a lot of money in network television. We like 10:00 shows," he added, referring to NBC's move to turn that hour over to JAY LENO and asserting that "CSI: MIAMI" would "beat JAY by a lot." But he suggested that the future might not include local affiliates, with the network instead feeding cable or internet distribution channels directly. And he said that the broadcast advertising market would remain "depressed" until the automotive business recovers.