CBS Corp. stock "rose nearly" 4% Wednesday following
CBS CEO Mel Karmazin's remarks that the network would "soon
announce further Internet-related investments." Karmazin,
speaking at the Variety/Schroders Media Conference, "did not
offer any details," but said that he wants to "further
extend the CBS brand name online and take advantage of Wall
Street's hunger for Internet stocks." Karmazin: "We are
committed to being one of the biggest players in the
Internet business" (AP/MINNEAPOLIS STAR TRIBUNE, 3/25).
CBS RUNS THE BLOCK: DAILY VARIETY's Josef Adalian
writes that CBS has "avoided a standoff" with a Traverse
City, MI, affil which had been "threatening to drop" the
network's NFL broadcasts next season (See THE DAILY, 3/4).
Network sources "confirmed" that the station "backed down"
and will carry NFL programming after CBS "threatened to pull
all network programming" (DAILY VARIETY, 3/25).
HE SAID, HE SAID: The return on NFL rights fees
continues to be debated. NBC CEO Bob Wright said that the
network dropped out of bidding for the NFL because he
"couldn't take a $150 million-a-year loss." Wright: "I'd
rather take a chance on programming where I have a chance to
break even." But Karmazin responded by saying that Wright
"ought to deal with the problems with his sales department.
I don't know why he'd lose $150 million when we're making
money" (David Lieberman, USA TODAY, 3/25).
