“CBS is no exception to this trend,” said at CBS’s shareholder meeting in Manhattan. But he also insisted the slowdown is limited to local TV, offset a bit by political spending, and nothing a bunch of job cuts couldn’t fix.
Presiding over the meeting: Chairman Sumner Redstone (and daughter Shari), who said there is no plan to re-unite Viacom (VIA) and CBS (CBS), despite a New York Post report alleging Viacom chief Philippe Dauman was angling to do so. “There has never been any such plan in existence and will never be,” he said.
A more likely scenario floated earlier this month by Jim Cramer: Redstone and Moonves take CBS private.
Asked if he approved the $1.8 billion deal for CNET, Redstone said, “Les and his team usually do everything right. Therefore, I have to believe that management is right.”