CEO Les Moonves says CBS has no acquisition plans

Moonves
CBS has been eyed as both a buyer and a seller in various reports. Image: Sarah Ackerman/Flickr, David Shankbone/Flickr

CBS chief Les Moonves thinks the broadcaster is doing fine on its own and sees no need to pursue any M&A.

Moonves is in attendance for this week’s Allen & Co. conference in Sun Valley, and from there he told Fox Business Network that he “has no plans to make a move for another company.”

Amid the expected media consolidation wave that could emit from the AT&T-Time Warner $85 billion megamerger, CBS has been eyed as both a buyer and a seller in various reports.

Verizon, having just shot down rumors it was considering a bid for Disney, has been spied as a potential suitor for CBS. Late last year, The Street predicted CBS could make a move for AMC Networks in order to broaden its cable network portfolio.

RELATED: National Amusements calls off CBS-Viacom remerger

Of course, CBS was most recently tied to an effort by National Amusements to recombine the broadcaster with Viacom. But National Amusements CEO Shari Redstone ultimately called off the effort, citing good prospects for both companies moving ahead as individual entities.

“Over the past few months, after careful assessment and meetings with the leadership of both companies, we have concluded that this is not the right time to merge the companies,” wrote Redstone. “Following the management changes that the Viacom Board put in place, we have been very impressed with the forward‐looking thinking and strategic plan being pursued under Bob Bakish’s leadership. We know Viacom has tremendous assets that are currently undervalued, and we are confident that with this new strong management team, the value of these assets can be unleashed. At the same time, CBS continues to perform exceptionally well under Les Moonves, and we have every reason to believe that momentum will continue on a stand‐alone basis.”