Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
WHEN: Today, Wednesday, May 4th
WHERE: CNBC's "Squawk on the Street"
Following are excerpts from the unofficial transcript of a FIRST ON CNBC interview with CBS Corporation CEO Leslie Moonves on CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET) today, Wednesday, May 4th. Following is a link to video of the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000514971.
All references must be sourced to CNBC.
MOONVES ON CBS
AS WE HEAD INTO THIS DAY, OR THIS PERIOD OF THE UPFRONT, WE SEE A LOT MORE MONEY COMING INTO BROADCAST. SO IT'S THE PERFECT TIME FOR US WITH OUR RATINGS, WITH THE MARKETPLACE BEING EXTREMELY STRONG, WE CAN'T WAIT TO GET INTO NEXT YEAR'S SELLING.
MOONVES ON CHANGES IN THE MEDIA INDUSTRY
THERE'S BEEN MORE CHANGE OVER THE LAST 18 MONTHS, TWO YEARS THAN I'VE EVER SEEN BEFORE IN THE MEDIA INDUSTRY. THE SIGNIFICANT THING IS THAT PEOPLE ARE GETTING THEIR CONTENT, AND YOU'VE HEARD THE CLICHE, THEY'RE GETTING IT WHERE THEY WANT IT, WHEN THEY WANT IT. THE REASON WE'RE SO BULLISH ABOUT CBS AND OUR FUTURE IS WE SELL OUR CONTENT THROUGH THE NORMAL DIRECTVs AND COMCAST AND TIME WARNER AS WELL AS WILL BE PART OF THE SKINNY BUNDLES. AND AFTER THAT WE HAVE OVER THE TOP SERVICES WHERE YOU CAN BUY CBS PRODUCT A LA CARTE THROUGH CBS ALL ACCESS OR SHOWTIME OTT.
MOONVES ON PRICING
LAST YEAR THE PRICING WASN'T WHAT WE WANTED, SO WE DECIDED TO PULL BACK AND WE ONLY SOLD ABOUT 74% OF OUR ADVERTISING. THIS YEAR BECAUSE PRICING IS GOING TO BE STRONGER WE ANTICIPATE THAT NUMBER TO BE IN THE HIGH 70s, MAYBE EVEN 80% IF WE GET THE NUMBERS THAT WE WANT. AND WE EXPECT THE ADVERTISERS WILL WANT TO BUY MORE HERE BEING THAT THEY HAD TO PAY MORE DURING THE YEAR IN SCATTER. SO WE'RE VERY EXCITED.
MOONVES ON THE BUNDLE
WE DON'T THINK ANY SUCCESSFUL OVER THE TOP OPERATION CAN EXIST, ANY SKINNY BUNDLE CAN EXIST, WITHOUT CBS. WE HAVE THE NUMBER ONE SCHEDULE, AS I SAID IN PRIMETIME. WE HAVE AN EXTRAORDINARY ARRAY OF SPORTS, THE NFL, THE NCAA TOURNAMENT, LATE-NIGHT, 60 MINUTES, NEWS, ET CETERA. SO ANY BUNDLE OUT THERE THAT EXPECTS TO BE SUCCESSFUL WITH THE PUBLIC HAS TO INCLUDE CBS, SO WE FEEL LIKE WE ARE GOING TO BE INCLUDED. AND WE'RE GOING TO BE PAID APPROPRIATELY FOR OUR CHANNELS.
MOONVES ON TRUMP AND THE ELECTION
HE HASN'T SPENT A LOT UP TO NOW. I THINK IN THE GENERAL ELECTION HE WILL SPEND A LOT MORE. HE WILL HAVE TO. IN ADDITION, WITH DONALD TRUMP LEADING THE TICKET THERE'S GOING TO BE A LOT MORE ATTENTION ON LOCAL RACES. SO WE THINK IN THE SENATORIAL AND CONGRESSIONAL RACES THERE WILL BE A LOT MORE BEING SPENT. AND WE ESTIMATE THAT THIS WILL BE THE LARGEST SPEND IN THE HISTORY OF A PRESIDENTIAL ELECTION NEWS CYCLE.
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD, CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 386 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 15 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 7:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC at night features a mix of new reality programming, CNBC's highly successful series produced exclusively for CNBC and a number of distinctive in-house documentaries.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms including: CNBC.com; CNBC PRO, the premium, integrated desktop/mobile service that provides live access to CNBC programming, exclusive video content and global market data and analysis; a suite of CNBC mobile products including the CNBC Apps for iOS, Android and Windows devices; and additional products such as the CNBC App for the Apple Watch and Apple TV.
Members of the media can receive more information about CNBC and its programming on the NBCUniversal Media Village Web site at http://www.nbcumv.com/programming/cnbc.
For more information about NBCUniversal, please visit http://www.NBCUniversal.com.