CBS 1Q17 Earnings Call Notes

Leslie Moonves – CBS Corp.

Up front is going to be strong

“Yes. Alexia, and I know I sounds like a broken record every year at this time, but the upfront to me is going to be exceedingly strong. You start hearing numbers like high singles in CPM growths, and judging by – the scatter market once again remains very strong. There’s a lot of demand for our product. So we’re looking at a year where we think it’s going to be much better than last year, and we had a very solid year last year. So I know I’m Mr. Broadcast and I’m the cheerleader, but I got to tell you I’ve been right – I sound like Donald Trump – I’ve been right more than I’ve been wrong in terms of those things that are going on.

We wouldn’t mind owning more stations

“Look, these stations, the majority of their money is made by network content. It’s still the best game in town. Once again, you’re talking about a place where there is a battle over affiliates of a specific network group. We view the stations as a very profitable business. We like the business. If there is an opportunity for us to get something that makes sense for us, it is okay. But we don’t feel a need to go out and acquire a large station group. Once again, they still have to come to us for our content. We still have the NFL. We still have Big Bang Theory. We still have NCIS. We still have 60 Minutes. So as this consolidation goes on, we’re watching it with interest. We wouldn’t mind owning more stations, but only if it’s cost effective.”