In case you hadn’t noticed, this isn’t exactly a great environment for wheeling and dealing. That only compounds the challenge CBS CEO Les Moonves faces in trying to reshape his radio division — it’s not like there was a thriving market for radio station M&A before this whole credit crisis.
First President-Elect Barack Obama sparked a run on newspapers, and now his appearance on 60 Minutes helped deliver CBS the largest weekly audience of any network this season. The news program, featuring Obama’s first post-election interview, drew more than 25 million viewers, the biggest number since January 1999.
This is shaping up as a bad day for Sumner Redstone — and he’s had a few of those lately — at least where his investments are concerned. Check out share prices of his three major holdings: CBS down 17 percent and Viacom down 11 percent. Midway Games takes first (or last) prize: down 34 percent.
What you — and everyone else — watched on TV was the election, apparently. More than 71 million Americans tuned in to see the end of the presidential campaign, and coverage on ABC and NBC ranked among the top 10 shows during primetime last week, according to the latest Nielsen numbers.