I hope Les Moonves can kiss those days goodbye when his pay package was 200% more than other CEOs. I, for one, will never forget that, while striking writers and Hollywood networks and studios were still negotiating a contract, Les made “a honey of a new one” despite the fact that CBS’ performance had been on a steady decline. Now CBS is in the crapper and its shareholders will get the shaft. One of them is Viacom boss Sumner Redstone, CBS’ heavily indebted controlling shareholder who received around $87 million in dividends from that company in the last year. Well, that gravy train is ended. CBS said today that its 4th-quarter profit plunged 52% on huge advertising declines at its television, radio and outdoor display units. So it’s slashing its quarterly dividend by 81% in reaction. It earned $136.1 million, or $.20 a share, compared with a profit of $286.2 million, or $.42, in the 4th-quarter of 2007. Revenue fell 6% to $3.53 billion.
TOLDJA! CBS Slashes Dividend After 4th Quarter Profit Plunges: Moonves Mans Up
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