Just when you think it can’t get any worse for Les Moonves, it does. He’s already slashed the CBS Inc dividend. Today the stock fell more than 17%. That followed a UBS downgrade of the media stock from neutral to sell because so much of the company’s revenues are generated through auto advertising (65%), including local ads which are also dominated by car commercials. So even though CBS shows comprise half of Nielsen’s Top 10, the stock closed today at $3.79.
Les Is Less: CBS Falls 17% On Downgrade
What's Hot on Deadline
Sarah Jones' Parents Unveil New "Safety For Sarah" PSA, Tell Sundance "Never Again, Never Forget" - Video
We Called It: 'Me And Earl And The Dying Girl' Sells To Fox Searchlight & Indian Paintbrush For Record $12M - Sundance Update