Market Overview

CBS Head Les Moonves Makes Predictions About His Network's Rookie Class

CBS Head Les Moonves Makes Predictions About His Network's Rookie Class

Investors have learned that when CBS Corporation (NYSE: CBS)'s chairman, president and CEO Leslie "Les" Moonves speaks, it’s wise to listen.

On Tuesday, Moonves spoke at the Deutsche Bank Media, Internet & Telecom Conference and discussed a variety of issues tied to his network. Yet, the issue getting the most attention is his rookie class from the 2015–2016 season.

CBS is known for its cone of silence around its upfront planning, so the fact Moonves made any sort of comment about the fate of these freshman shows is attention grabbing in itself. The charismatic network executive said, “We have about five new shows on this year. Of those five, I believe all five of them will be renewed, and we own four of them.”

Related Link: Time Warner, CBS Remain Credit Suisse's Top Media Picks

CBS's Four

While Moonves didn’t name the five, it’s not hard to read between the lines given all but one of its rookies are still on the air. CBS also has “Criminal Minds” spin-off “Beyond Borders” slated to debut later this month.

Shareholders are well aware CBS has made a conscious effort over the last few years to mainly pick up series they own to help boost maximum earning potential down the road. Yet, that isn’t a hard-fast rule as network smash “The Big Bang Theory” is co-owned by Warner Bros. (Time Warner Inc (NYSE: TWX)), and as Moonves also noted “It’s on almost every 20 seconds” in syndication.

He also pointed out “Big Bang” and “NCIS” not only do well for them, but for the cable channels that own syndication rights— a true statement that is often overlooked in recent years.

Image Credit: Public Domain

Posted-In: Deutsche Bank Les Moonves Leslie MoonvesNews Events Media Trading Ideas General Best of Benzinga


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