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
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