BUSINESS BRIEFING / TELEVISION
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Responding to a decline in advertiser spending, CBS plans to cut capital spending to $350 million in 2009 from $500 million in 2008, Chief Executive Leslie Moonves said at an investor conference in Phoenix.
Moonves’ comments came the same day the company announced it had struck a new five-year deal with Time Warner Cable to carry the CBS-owned TV stations and co-owned Showtime pay-TV networks.
As part of the agreement, Time Warner obtained the right to include some CBS programming as part of the cable operator’s time-shifting and video-on-demand services.
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