Posted on 06/25/2023 7:56:54 AM PDT by E. Pluribus Unum
We live in interesting times. The old media giants are just money-losing properties out of phase with a new arrangement in which networks, free and cable, are being replaced with streaming subscription packages.
When Discovery found it had CNN on its hands, it tried to clean house because the cable news network is an unwanted drain.
But an even bigger legacy name in news may be circling the drain. Think Cronkite and Rather.
Equity analyst Steven Cahall of bank Wells Fargo gives Paramount Corp. another “1-2 years” of throwing “good money… after bad,” chasing a streaming profit that may never come, and riding out the last gasps of linear television, before “the break-up becomes inevitable.”
The “good money” within Paramount Global lies inside its studios, which Cahall sees as worth about $30 billion in a sale, per a note he sent to clients on Thursday…
That’s the general consensus surrounding Paramount Global: It’s got great studios and a deep library, but the suite of cable channels and other antiquated assets belong in the bargain bin. Even broadcast network CBS, despite regularly drawing the most viewers on television, is more of a burden than a blessing in potential M&A activity.
For example, NBCUniversal parent Comcast would have good reason (and good money) to buy Paramount Global in its entirety — heck, Paramount+ could even be the thing that saves Peacock — but owning both NBC and CBS is an FCC no-no.
The short version is that CBS isn’t seen as an asset anymore in the equity game, it’s a platform in an era where everyone is chasing subscription platforms, not ad-supported network viewing. (This is dumb, but that’s the current business model that the industry is using to bankrupt itself.)
(Excerpt) Read more at frontpagemag.com ...
Haven’t watched network news in years.
Bye Felicia!
CC
I have not watched the commie broadcasting system in years
Ditto and at the suggestion of Rush Limbaugh. He also talked about the market share of the alphabet networks compared to when Cronkite and now and how much market share they had all lost to cable. He wasn’t minimizing their influence rather pointing out their losing viewers to competitors in the marketplace.
CBS and NBC and ABC, are all the same as “DNC”, meaning that, none of them will ‘fail’ in the traditional sense of ‘failure’.
Democrats need those networks to stay alive, and will do whatever it takes to keep their mouthpieces working. So, the DNC and Soros and democrat party machines will figure a roundabout way to fund those networs, and advertising money won’t matter.
What in Russia keeps their news and media working? What in China keeps their news and media working? With the ‘democrat’ party, it’s politics that will keep their mouthpieces working and politics has a way of finding the funding.
Uhh, the “news” aspect died years ago. Easily a decade. The “fourth estate” is gone, burn it and pull down the ruins.
SeeYaBS
.
Hey -
I just noticed that that this computer monitor thing that I plug the
computer into can get network/cable TV also!
With their so-called 'news' too!
.
Learn something new every day, eh?
(/Sarc)
(A decade ago it was: 'Hey, this TV has a VGA jack on the back!' - LOL...)
I have not watched the network news in decades.
And just like that ABCNNBCBS will be ABCNNBC.
I betcha Old Walter Cronkite & Dan Rather are both spinning in their grave.
I know, Rather is sorta kinda still breathing & lying, but it is still a good metaphor
The wife has it on every now and then, mostly because she wants to watch what comes on after it. I tell her to find something else to watch until then, we don’t want a broken TV because I throw something at it.
I was never able to get CBS over the air here in my part of Florida.
I don’t seem to be able to get NBC or ABC stations reliably any more.
I like to watch news but get annoyed by the leftist propaganda. Click!
Good riddance. I’ll take a torrent over a cable channel any day of the week.
It’s been “gone” for a long time already.
The so called fourth estate is actually the Fifth Column.
Dan the Forger?
Still mad at US because HE got caught, one highly suspects.
Conservative writers like Greenfield are getting goosebumps fighting yesterday’s battles. The fact is, CBS News is already whimpering into irrelevance, and has been replaced by the likes of Facebook and Google, and Target and Proctor and Gamble, and the Boy Scouts and the USMC, who are doing the propaganda work that CBS once used to. The DNC does not need CBS any more, as it has control of far more powerful institutions.
And, in this arrangement, CBS News is particularly useless. Paramount is already prepping a sale of its iconic broadcast center.
CBS is “eyeing” a momentous move from its longtime broadcast facilities on West 57th Street. Sources said the network, which merged with Viacom in 2019 into what’s now called Paramount Global, is expected to soon put out a request for proposals to solicit offers on two fronts.
One might be to sell CBS’s sprawling, 600,000 square-foot broadcast center on West 57th between Tenth and Eleventh avenues — the long-ago site of a dairy depot, where CBS has had a presence since the 1950s.
The RFP would also seek a new location in Manhattan for the network’s broadcast home.
Really insightful article by Mr Greenfield.
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Daniel Greenfield's website: The Sultan Knish blog
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