CBS Corp. CFO Bullish On Radio But Not On Stern Return
November 10, 2010 at 4:24 AM (PT)
CBS CORPORATION EVP/CFO JOSEPH IANNIELLO indicated to the WELLS FARGO SECURITIES Technology, Media & Telecom Conference in NEW YORK TUESDAY (11/9) that the company isn't likely interested in a return of HOWARD STERN to its terrestrial radio stations, although he did not explicitly rule such a move out.
The HOLLYWOOD REPORTER's GEORG SZALAI reports that IANNIELLO, asked about the expiration of STERN's contract with SIRIUS XM RADIO at the end of the year, said he has "no idea" where STERN will go and added that the company does not want to bet too much money on one talent or franchise. "We like it much more diversified," said IANNIELLO. "So, we are very comfortable where we are ... we wish him well."
IANNIELLO also told the conference that "the local radio business is still healthy" and that CBS is "bullish" about radio. He added that the company will be impacted by the end of OPRAH WINFREY's syndicated TV show, but will survive the departure, noting that the show, while syndicated by CBS, airs on ABC O&O stations in top markets, meaning that CBS O&Os will become more competitive in the afternoon time slots presently dominated by WINFREY.