Moonves: No Talks on Viacom Merger
CBS CEO Les Moonves said CBS is not in "active discussions" about combining his company with Viacom.
Speaking at the Bank of America Merrill Lynch Media, Communications & Entertainment conference Thursday, Moonves said "we're never going to do anything bad for CBS shareholders or CBS employees."
CBS and Viacom are both controlled by Shari and Sumner Redstone's National Amusements. With Viacom performing poorly, the Redstones forced out CEO Philippe Dauman and there has been speculation that combining Viacom with CBS might be a good option.
"The truth of the matter is we're a stand-alone public company. We're happy with the hand we're playing on our own with our own assets," Moonves said.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.