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
'Tomorrowland,' 'Pitch Perfect' Compete As 'Mad Max' Holds Strong; 'Ultron' To Cross $400M - Box Office Friday
TLC "Deeply Saddened" As It Pulls All Episodes of '19 Kids And Counting' In Wake Of Child Molestation Allegations - Update
'Jurassic World' Tracking Like 'Man Of Steel' - But How Many $100M+ Openings After That In Summer 2015?