Radio & Television News Association

Friday, January 27, 2006

CBS Chief: 'Technology Is Not A Threat'

Speaking today during an investor's meeting, CBS Corp. CEO Les Moonves included the expansion of the company's traditional media platforms into new outlets as one of three "personal commitments" he is making to steer the newly independent company into the future.

"Technology is a powerful new opportunity that we can and will thrive on," Moonves said. "We will use new media to drive the world's best and most-popular content across a whole range of platforms to viewers, listeners and webheads." He adding, bullishly, "Most importantly, and at all times, we'll be paid for it."

Moonves listed efficient operations as another goal: "CBS is committed to operating our world-class assets with total distinction, doing the blocking and tackling to drive revenue in everything we do, traditional and new-media alike. We're a double threat — a powerhouse of core businesses in established media that are at the top of their game and will grow consistently over time. We are also a great content company that will build more vital as audiences continue to fragment. Content really is king — particularly content that has mass appeal, and that is what we do."

Lastly, Moonves says he's committed to returning value to the company's shareholders in the form of a dividend, noting, "No matter what else we do, or how else we grow and thrive, we will pay attractive dividends and increase those dividends whenever we can." In fact, CBS announced yesterday an increase the amount of its quarterly dividend from 14 cents to 16 cents per share. The new amount is payable on April 1 to shareholders of record as of Feb. 28.— Joe Howard


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