With a declaration that he’s not concerned about ratings for 2017-18 National Football League telecasts, CBS Corp. Chairman/CEO Les Moonves doubled down on his company’s sports delivery mission by saying his network will focus on news and scores and not on analyst discussion and debate with the launch of a sports-focused OTT service.
Investors yawned, and sold off their CBS shares. Just before 2:40pm Eastern on Thursday, CBS stock was down 4.7%, to $57.67—its lowest level since early November 2016.
By 3pm Eastern, the losses were diminishing. At the closing bell, CBS shares were off 3.9%.