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Moonves: Media Consolidation No Problem

According to Les Moonves, "media concentration is not hurting consumers one iota," and the CEO of CBS says "it's a lie" that media is getting worse because of consolidation.

Speaking at a conference, Moonves also showed strong support for new-media developments, noting the company's recent Internet investments and encouragement of short-form video production for them. "It's important to do original content," he says. "There will be a day when millions and millions of people will be watching these shows."

He notes that the company has "a band of kids in Los Angeles who are working full-time [to create Web shows] for $50,000 apiece," peanuts compared to prime-time shows. "They are creating a series of shorts. The wave of the future is getting as much distribution as we can."

Read the whole story at Multichannel News »

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