The CBS Annual Shareholder's Meeting, 2009

"The act is the same, only the actors change!"
-Evelyn Davis,
an avid shareholder attendee

The CBS Annual Shareholder's Meeting, 2009, took place at 787 Seventh Avenue at 51st Street in New York City. I was in attendance. The stock price is trading around $7.45 per share right now. In mid-June 2008 it was trading in the $21.30 range. The meeting did not seem to bring up this issue, using the trauma of the current economy as the excuse.

It cannot be ignored that the CBS Class B shares have no voting value. It is the CBS Class A shares that are majority-owned by Sumner Redstone that have "full throttle" control. It seems that the CBS stock price will not have an immediate revival unless Sumner decides to release his control (yes, one venue is by selling the company). It is doubtful he will do so. It's his "baby".

"May I remind you that the top ten shows on television are on CBS," Sumner said at this meeting. Were his powerful words supposed to give high hopes to every investor?

The President & CEO, Leslie Moonves, spoke with an excited tone about the new CBS Interactive Music Group. I guess it remains to be seen what benefits that shall bring. The new CBS MoneyWatch was also given honorable mention.
http://moneywatch.bnet.com/
I jotted this information down as I felt a need to investigate these further.

Leslie Moonves says, "In 2008 we reduced our cost structure. Our stock performance is affected by the recession more than it should have been. As the economy improves our stock price will as well."

Not long after this statement another shareholder came to the microphone to say, "Why can't my dividend go direct to the bank? Since Westinghouse, I've gotten older," the woman looked to be in her late eighties or early nineties.

Attending a shareholder's meeting in the year 2009 can almost be an idea for a new interactive cable show. The happenings are easily the makings of comedy and drama. Perhaps CBS should televise their annual shareholder meetings "LIVE" for the entertainment value in and of itself. I was almost going to recommend a new talk show, starring a fabulous English notable. Then I figured, "Would they even listen?"

Ironically, there was no mention of the October 2008 news headline:
Redstone's firm sells $233 million worth of stock in Viacom, CBS
The billionaire dumped the shares to raise cash to comply with debt agreements.
By Meg James,
Los Angeles Times Staff Writer
October 14, 2008

Billionaire Sumner Redstone's National Amusements Inc. said Monday that it had sold $233 million worth of stock in Viacom Inc. and CBS Corp. to raise cash to comply with debt covenants.

All I can say to this is, "How lovely". It is clear that ad revenues and sales need to return to CASH "KING" mode. It is 'advertising' that keeps CBS alive. Then again, CBS is such a diamond status network that I am sure some Middle Eastern oil-rich chap or some credible China entrepreneur could afford to pay a high price that Sumner would be forced to consider.

Twenty-five years ago today:

June 19, 1984
Tuesday

The work day passed on rather quickly. There was nothing too eventful to mention except that I appreciated Joan Lyons coming to my cubicle, requesting a purchase of a ticket to Ashley’s Baby Pageant. I am only surprised that Barbara Reynolds did not buy one. She’s a bitch (at times).

I did not ride my bike. Instead I went to ‘3330 Cook Lane’ to help Sherri set up the crib and other items.

Chris telephoned me before I left for Sherri's saying, “I will be heading your way this Friday at around four o’clock!”
“That’s good news,” I told him.
The only thing is that we will not be spending any money. We are just going to lounge. We may lay out by the pool at the Islandia Homeowners Clubhouse.


I feel guilty for not riding my bike today. I transferred all of my clothes from 356 Magnolia Drive to ‘3348 Solomon Lane’. What a chore. I will be moving my ‘body’ into the townhouse tomorrow night. At 9PM I ‘hit the hay’. Yawn.