Moonves: New CBS Sports Radio Network Is "Found Money"
September 13, 2012
Speaking at the The Bank of America Merrill Lynch Media, Communications & Entertainment Conference, CBS President/CEO Les Moonves discussed the company's radio division and its new national Sports Network. According to reports, Moonves said CBS Radio has "no real desire" to sell off any of its properties in the near future. Moonves added that CBS Radio's balance sheet is "in great shape right now."
As for the new CBS Sports Radio Network, Moonves said that it will bring in between $10 and $15 million of "found money." He added that partnering with Cumulus gives them greater reach and that "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."
Moonves also discussed CBS' television business, as well as its its plans to keep the Showtime network's current business model.