Moonves Says CBS Sports Network Is Found Money
Speaking at The Bank of America Merrill Lynch Media, Communications & Entertainment Conference on Thursday, CBS President and Chief Executive Officer Les Moonves said CBS has no desire to sell off its radio properties. He said the sale of the West Palm cluster last year was just a trimming down; adding radio provides a lot of cash: "We like cash. Our balance sheet is in great shape right now." Moonves also said the new CBS Sports Radio Network will be $10-15 million of "found money."
Moonves says the sports radio network business is a $150 million business. "With our deal with Cumulus, we have reach. We're in nine of the top 10 markets. We have the capacity to put on a lot of stuff. We think right away we're going to get about 10 percent of the market. That's going to be a significant hit right away and that should grow. It's a great marketplace, rather easy to do. As far as we're concerned it's 10 or 15 million of found money that we think will grow." Moonves said, virtually every part of our business is growing; radio is a slow-growth business -- about 3-4 percent.
On the Super Bowl, Moonves said :30 spots on CBS television are going for more than $4 million.