CBS says largely unhurt by strike, economy

Tue Feb 26, 2008 9:04am EST
 
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NEW YORK (Reuters) - CBS Corp Chief Executive Les Moonves said on Tuesday that the media company has been largely unscathed by either the economic slowdown or a writers' strike against major television and film studios that disrupted Hollywood.

Moonves, speaking on a conference call, noted that even with the economic slowdown the "hardest hit sectors like home building and real estate are not significant advertisers on our air."

He added that the company is "not seeing a recession in our day-to-day operations" and that the spot advertising market for TV "remains very strong."

He also said "our financial picture was not affected negatively by the strike in any shape or form." The writers' strike lasted more than three months before it recently settled.

Moonves added that "many of the economic benefits we were able to achieve during the strike have changed the way we do business and will allow us to operate more efficiently going forward."

(Reporting by Paul Thomasch, editing by Gerald E. McCormick)

 
<p>Les Moonves, President and CEO of CBS Corporation, speaks at a forum titled "Beyond Primetime, will media help grow healthier kids" in New York February 6, 2007. Moonves said on Tuesday that the media company has been largely unscathed by either the economic slowdown or a writers' strike against major television and film studios that disrupted Hollywood. REUTERS/Chip East</p>