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
Trending Now on Deadline
Int'l Box Office Update: 'Guardians' Now 3rd Biggest Marvel Movie Ever; 'Dracula Untold', 'Gone Girl', 'Annabelle' Hold Well; Local Action In France, Mexico; More
Alamo Drafthouse's Tim League: Make A Place For Christopher Nolan, Quentin Tarantino, And Film Stock In Digital Future
Parents, Frequent Moviegoers Are Desensitized to Violence, Sex In Film; Likely So Is MPAA Ratings Board: Study
Box Office Weekend: 'Fury' Wins War With $23M+; 'Book Of Life,' $16.6M to $17M; 'Gone Girl' $100M; 'Best Of Me' $10M+