Moonves: Spending Cuts, More Station Sales In CBS' Future
January 7, 2009 at 5:20 AM (PT)
CBS CORPORATION CEO LES MOONVES told the CITIGROUP investors' conference in PHOENIX TUESDAY (1/6) that the company will cut capital spending from $500 million to $350 million for 2009 and continues to look to sell more radio stations if it can get the right price.
MOONVES noted that the network has been selling "slower growth" businesses like smaller market radio and TV stations in order to invest in Internet properties like CNET and LAST.FM.
MOONVES told the conference that he expects the CBS TV network to charge increased ad rates for the upfront in MAY this year, citing the network's lead in key demographics, and that for ad spending, "I feel much more optimistic in 2009 than I did in '08."