WITH TED'S EYE REPORTEDLY FOCUSED ON CBS, STOCK GOES UP
Published March 1, 1995
CBS Inc. stock "jumped" Tuesday in the wake of the WALL STREET JOURNAL report that it has held conversations about selling to Turner Broadcasting System Inc. CBS stock closed up $2.50 to $64.50/share (DAILY VARIETY, 3/1). WHY CBS IS DECLINING? CNN's "Showbiz Today" looked at the "dismal programming" at CBS and reports that the "Tiffany network is on a decline because it has refused to expand into new media businesses." Ken Auletta, a media columnist, said that CBS Chair Laurence Tisch's strategy was "to get out of all the businesses that CBS was in. So he sold the record company, sold the magazine company, sold the book publishing company, sold the regional sports cable network, and focused all his energy on the broadcast business at a time when the broadcast business was entering a period of decline." Auletta said that NBC, Fox, Turner, and ABC did "just the opposite," and have broadened out into other businesses so if there is a downturn in broadcasting, they will "have some cushion in some of these other businesses" ("Showbiz Today," CNN, 2/28).