Redstone Predicts More Corporate 'Divorces'

[SOURCE: Broadcasting&Cable, AUTHOR: Ben Grossman]
Viacom and CBS Chairman Sumner Redstone, speaking Tuesday night at a Museum of Television & Radio event in Beverly Hills, encouraged competition between the two companies and his top lieutenants, CBS CEO Leslie Moonves and the new Viacom CEO Tom Freston. Whether in television, film or elsewhere, Redstone acknowledged there could be substantial crossover. And on the subject of companies splitting, Redstone said he expects to see more ahead. “As I've said before, the age of the conglomerate is over. I've also said, as some of my friends know, divorce is sometimes better than marriage. Not every company has the assets to divide as we did, so it will depend on the nature of the company. More divorces are coming.” Redstone also spoke about courting the Hispanic market, which he says they will do via current assets as opposed to acquisition. “We did bid on Telemundo, and we were outbid, fortunately, because they are losing money,” he said. “We have talked to Univision many times. But today we couldn't buy Univision for a number of reasons, both technical and otherwise. So our strategy is simple: Do it with our own networks.”
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* Redstone Still Covets CNN
http://www.broadcastingcable.com/article/CA6298786?display=Breaking+News&referral=SUPP
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