Monday, October 26, 2020

CBS’S BLACKOUT LAST AUGUST? WHAT BLACKOUT?

November 7, 2013 by · Leave a Comment 

How much was CBS hurt by being blacked out on Time Warner Cable’s system during August and September as a result of that dispute over retransmission fees? Hardly at all, said CBS chief Les Moonves during a conference call on Wednesday to discuss the company’s third-quarter results. “I know you have all been focused on the Time Warner Cable dispute, but the fact is that the blackout did not negatively affect our company’s third quarter results, and obviously led to dramatically improved retransmission fees,” Moonves said. “You will see future increases in years to come.” In fact, the company’s SEC filing indicated that advertising revenue was actually up a whopping 13 percent for the quarter, a result that led CBS Chairman Sumner Redstone to call Moonves a “miracle worker.” Last week, Time Warner Cable reported its sharpest quarterly loss of subscribers in its history, and blamed the blackout.