CBS determined to make money from the Internet
Les Moonves, president and CEO of CBS Corp., spoke at the 50th Anniversary Institute on Entertainment Law and Business last night. The event was held at the USC Gould School of Law and got much less press coverage than his recent statement that he was happy to be taking business away from newspapers.
His weekend speech was on the theme, “Your Television Is Ringing: Entertainment in a Digital World.” Michael White covered it for Bloomberg and reported Moonves saying that CBS Corp.‘s $1.8 billion purchase of CNet Networks will prove a better bet than using the money to buy back shares because it is improving the company’s ability to distribute content and sell advertising online. Read White’s story for Moonves comparing the Internet to cable television in its ability to reach targeted audiences and his assertion that CBS Corp.’s online businesses will produce sales of about $600 million and operating profit of $100 million in 2008.