CBS CEO Moonves: Nothing Wrong With Extra Cash
It's been just under a year since Viacom split in two and CBS President/CEO Les Moonves is still standing. During the Moonves tenure--CBS stock has gone up almost 20%. The company has a lot of cash and some of Wall Street think CBS isn't doing enough with it.
CNBC's David Faber has reaction from Moonves about the "cash problem" on "Squawk on the Street."
Moonves said--"There’s nothing wrong with having this cash – there’s nothing wrong with having these dividends."
Moonves went on to say he likes the slow and steady pace and the key thing investors want to hear is that “these guys (meaning management) aren’t going to do anything stupid.”
More from Moonves:
"I’ve heard rumors that we’re going to buy a movie studio which we’re not going to do. We’re not going to go out and spend over 1 billion on a movie company such as Lionsgate." (the rumored takeover target.)
"We might start a small movie production company which is a very different thing...we’re not going to invest a lot of capital in that."
"When we look at the new media world we’re going to invest in new media companies but you’re not going to see us invest $500 million in one company. But we are getting involved in new media."
Yow can see the entire unedited interview with Les Moonves on cnbc.com today beginning at 12 noon ET.