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Moonves: CBS didn't take financial hit from blackout
September 11, 2013 / 7:19 PM / 4 years ago

Moonves: CBS didn't take financial hit from blackout

President and CEO, CBS Corporation Leslie Moonves arrives for a special screening of CBS' new comedies during a celebration of "National TV Dinner Day," in Los Angeles, California, September 10, 2013. REUTERS/Gus Ruelas

(Reuters) - CBS Corp suffered no financial impact from the month-long blackout of its broadcast channel in New York, Los Angeles and Dallas during its stalemate with Time Warner Cable in a rate dispute, according to CBS Chief Executive Leslie Moonves.

The top-rated broadcast network was not forced to give advertisers “make goods,” or compensation when a network misses its promised ratings, Moonves said on Wednesday at a Bank of America Merrill Lynch conference.

“You will see at our third-quarter earnings there was no harm done financially to CBS Corp from this,” Moonves said.

Analysts had speculated that the blackout, which affected more than 3 million Time Warner Cable subscribers, would have impacted advertising revenues for the network.

CBS shares rose 0.7 pct to $54.46 in afternoon trading on the New York Stock Exchange.

Reporting by Lisa Richwine; Editing by Richard Chang

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