CBS interested in buying Sony's film and TV studios biz

MUMBAI: This could be a game changer move if it goes through. Leslie Moonves, the Chief Executive of CBS Corporation, has confirmed that the American media major would be interested in buying the film and TV studios business of Sony Corporation if it‘s put up for sale.

Moonves, who recently extended his contract with the company till 2017, however cautioned that there were no specific plans right now to do a deal.

"We love our current portfolio, but as a content company, we would want to look at them," Moonves told Wall Street Journal in an interview.

He also said that CBS is prepared to distribute its content directly to viewers should there be disruption in its business model due to a la carte pricing and cord-cutting.

"We like the system now and we are being adequately paid for it," Moonves said. "But if the universe changes and they [viewers] want us to bring the content directly to them, then we can."

The media landscape of the US has changed considerably with the emergence of new technologies and platforms.

Even as online video is consistently eating into the viewership of traditional TV, pay TV operators like CBS are vying for a bigger share of subscription revenues which is leading to tensions between TV networks and pay-TV distributors.

Moonves believes that eliminating low-rated channels could be a solution for television operators if they want to improve bottom-line which is increasingly coming under pressure due to rising content costs.

"The truth is that he who has the most eyeballs wins. If that means eliminating some of the smaller channels, then so be it," he added.

Widely credited for turning around the CBS when the network was languishing at the bottom Moonves had joined CBS in 1995 as president of entertainment. He will complete 22 years at the media conglomerate at the end of his new five-year contract.

As per the SEC filing, Moonves will receive $3.5 million in annual salary with a $12 million target bonus. He will pocket $14.5 million in restricted stock on top of the restricted stock that he and other top execs receive each year.