Home / Markets / Industries / Media

Friday, October 09, 2009

CBS, Cablevision Reach Deal

By Kathryn Glass

FOXBusiness

CBS Corp (CBS) and Cablevision Systems, have reached an agreement allowing Cablevision to carry the network’s programming, along with programming from Showtime, CBS College Sports Network, and the Smithsonian Channel, according to a release.

The cable operator will also carry WCBS2 in the New York market and will carry Philadelphia’s KYW (CBS) and WPSG (CW) in central and southern New Jersey, the release said.

"We are extremely pleased to enter into this comprehensive carriage agreement with Cablevision," said Leslie Moonves, President and CEO, CBS Corporation, in the release. "It assures that Cablevision’s customers will continue to enjoy CBS and Showtime content for years to come.”

The release quoted Cablevision Chief Operating Officer Tom Rutledge as saying the company was “happy with the outcome of this agreement.”

Details of the deal were not released. An analyst at Bernstein Research estimated CBS will earn new revenue of $245 million in 2012 from retransmission fees, according to a Reuters report.

Shares of CBS fell 21 cents or 1.67% on Friday, to close at $12.36 per share. Cablevision stock fell 21 cents, or 0.87% in Friday's session to close at $23.93 per share.

Fox Business Video

- Euro Debt Could Boost Gold
- Feb 9, 2010
  
  FOXBusiness.com LIVE
- Health-Care Reform vs. Job Creation
- Feb 9, 2010
  
  Question of the Day
- Ron Paul on Stimulus
- Feb 9, 2010
  
  Future of government bailouts?
- U.S. No Longer the Space Explo...
- Feb 9, 2010
  
  Future of space program
- Toyota Will Recover
- Feb 9, 2010
  
  Will the auto manufacturer bounce back?