Time Warner Cable nearly blacks out CBS, talks continue

Tuesday, 30 Jul 2013 | 6:44 AM ET
CBS Chief Executive Les Moonves
Getty Images
CBS Chief Executive Les Moonves

Time Warner Cable reversed its decision to take CBS network off the air in New York and other cities, after initially announcing a blackout when the two sides failed to reach an agreement on fees.

"We have agreed to an extension with CBS until Friday, Aug. 2 at 5 p.m. ET, while we continue negotiations, Time Warner said in a statement Tuesday.

"There's progress being made and hopefully we don't go dark," CBS CEO Leslie Moonves told reporters in Los Angeles.

(Read more: Exclusive: Netflix CEO Reed Hastings talks strategy)

"We still believe our content is worth a lot of money."

CBS, Time Warner Cable negotiating
CBS and Time Warner Cable's fight over "retransmission fees," if not resolved, could result in TWC users' losing lose access to CBS and Showtime. CNBC's Julia Boorstin reports.

Negotiations between CBS and Time Warner Cable continued after midnight in New York, according to a spokeswoman for the cable operator. Time Warner said it had relented "at the request of CBS."

The blackout would have affected an estimated 3.5 million customers in cities such as New York, Los Angeles and Dallas.

(Read more: As TV migrates online, cable Is under pressure to change)

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