Les Moonves bullish on Upfronts

Les Moonves said CBS “is salivating” ahead of Upfronts, anticipating bigger sales and higher prices than last year. In CBS’ earnings call yesterday, the CEO predicted double digit percent price increases, shrugging off concerns about competition from digital. “Questions are now arising about the effectiveness of certain digital media platforms,” noted Moonves, who also said skinny bundle services like Hulu’s planned offering will be a “huge positive” for CBS, as they’d pay rates higher than current partners. CBS’s 1Q16 net earnings were $473 million, up 20 percent versus last year to beat Wall Street forecasts. “CBS delivered a spectacular quarter as we continue to execute on our strategy of creating and distributing the content that audiences have to have,” said Moonves. “Looking ahead, we are in a very enviable position for this year’s Upfront.”

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