Word: cbs
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Dates: during 1990-1999
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...industry convulsions could be seismic. Watch the Hollywood earth tremble! CAA clients like Tom Hanks and Tom Cruise feel orphaned, while rival agencies go all adrool, dreaming of talent raids. Or, as David Letterman--whom Ovitz sold to CBS as the $42 million late-night man--says, "Oh, my God, it's the end of show business!" He's probably joking...
Last week television networks were the hot property. No sooner had Disney thrown in its lot with Capital Cities/ABC than Westinghouse placed a bet with CBS to acquire the network after striking a deal with its president, Laurence Tisch, for $5.4 billion. The deals are dazzling not for their novelty--the mood to merge has been upon much of corporate America this year, with announced deals for the month of July alone totaling $50 billion--but for what they say about the value of networks in today's marketplace. CBS may be the third-rated network of the Big Three...
...version has to be hammered out with the Senate--and bigger looks better than ever. With whiz-bang technologies--interactive video on demand, whoopee!--receding back into the future, the familiar and iconic television networks look almost sexy. "In a cluttered landscape," says Howard Stringer, former president of the CBS Broadcast Group, brand names "are going to be more important than ever before...
...years pundits had been proclaiming the demise of the Big Three, and they will no doubt do so again. While it is true that cable has eroded broadcast viewership--ABC, NBC and CBS together command a market share of only 57% as compared with 61% just last year and 91% in the late 1970s--the networks still reach 98% of American homes. Even in the face of declining audiences, the broadcast networks are looking at their best year ever in terms of advertising, with an expected $5 billion in revenues for the 1995-96 season. For a movie studio looking...
Westinghouse Electric Corp. ushered in the second major network acquisition in as many days when it announced it would purchase cbs Inc. for $5.4 billion. Some analysts expect that a higher bidder--Ted Turner, perhaps--may emerge...