UPDATE 1-Moonves: CBS didn't take financial hit from blackout

Wed Sep 11, 2013 3:12pm EDT

Related Topics

Sept 11 (Reuters) - CBS Corp suffered no financial impact from the month-long blackout of its broadcast channel in New York, Los Angeles and Dallas during its stalemate with Time Warner Cable in a rate dispute, according to CBS Chief Executive Leslie Moonves.

The top-rated broadcast network was not forced to give advertisers "make goods," or compensation when a network misses its promised ratings, Moonves said on Wednesday at a Bank of America Merrill Lynch conference.

"You will see at our third-quarter earnings there was no harm done financially to CBS Corp from this," Moonves said.

Analysts had speculated that the blackout, which affected more than 3 million Time Warner Cable subscribers, would have impacted advertising revenues for the network.

CBS shares rose 0.7 pct to $54.46 in afternoon trading on the New York Stock Exchange.


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.