04.28.2009 11:35 AM
CBS Chief Takes Big Pay Cut

NEW YORK: CBS CEO Leslie Moonves made $20.8 million in 2008, down 69 percent from the year before, according to The Associated Press. His salary was $3.5 million compared to $5.3 million in 2007, the news service said. His cash bonus was $9.5 million in 2008. It was $18.5 million the year before. The value of his perks and restricted stock also fell.

The Eye Network parent corporation posted a net loss of $11.7 billion on revenues of nearly $14 billion for 2008. Earlier this month, it announced a five-cent dividend payment on July 1, for shareholders of record as of June 10.

CBS (NYSE: CBS) also was put on downgrade watch this month by Standard & Poor’s on fears that the continued ad sales slump would bring the company above S&P’s leverage threshold. Around two-thirds of CBS’s revenues are from advertising. S&P competitor Fitch kept CBS at “stable,” saying it could handle debt payments even with diminished earnings.

CBS was trading at around $5.85 mid-day, after starting out the year at nearly $9 and dipping as low as $3.06 in March when the most recent 5-cent dividend was paid. The company’s 52-week high was $25. 

Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found

Tuesday 03:07 PM
WMUR-TV Says FAA Drone Rules Preclude ENG
The FAA’s current rules and proposed ban on flight over people, requirement of visual line of sight and restriction on nighttime flying, effectively prohibit broadcasters from using UAS for newsgathering. ~ WMUR-TV General Manager Jeff Bartlett

Featured Articles
Discover TV Technology