Word: broadcast
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...public corporate power struggles in recent U.S. history. Wyman's departure was the climax of months of upheaval at CBS, caused in part by his efforts to elude a raft of corporate-takeover artists, ranging from North Carolina Senator Jesse Helms to Manhattan Arbitrager Ivan Boesky to Atlanta Broadcaster Ted Turner. The battle was also triggered by austerity and shrinking fortunes in the broadcast- television business, as No. 2 network CBS has struggled -- so far unsuccessfully -- to cope with losing its top place in the lucrative television ratings over the past season to resurgent NBC (see chart...
...more general terms, CBS has faced the same challenge that pressures the entire $8.2 billion broadcast-television industry. Threatened as never before by competition from cable, videocassettes and independent television stations, network TV operates in an environment of shrinking audiences, weakening advertising revenues, and predatory outsiders who see profit in taking over and streamlining a high-cost business. Says Fred Anschel, a media analyst at the Dean Witter Reynolds investment firm: "The networks aren't what they used...
...General Electric absorbed front-running NBC (1985 advertising revenues: $2.7 billion) by purchasing the network's parent, RCA, for $6.3 billion. GE Executive Robert Wright will take over as NBC's president and CEO this week; he is expected to launch his own austerity program. The biggest factor in broadcast television's changing climate is that the networks no longer enjoy the hefty automatic annual increases in advertising rates and volume that they did in the past. This year overall ad revenue for the networks is projected at $8.2 billion, down slightly from $8.3 billion in 1985. By contrast...
...back viewers, CBS needs to produce some hit programs, which have been notably rare for the network in recent years. CBS did not have a single prime-time hit last season. Profits in Jankowski's broadcast division fell by almost 12%, to $361 million...
...president and then as chairman, Thomas Wyman was never sure he had enough of either of those commodities. Recruited by Paley from a job as No. 2 at Pillsbury, the diversified food firm, Wyman from the beginning was tarred by CBS insiders as not mindful of the needs of broadcast television, and of CBS News in particular. As 60 Minutes' Morley Safer put it last week, "He seemed to be not only cold and aloof as far as the news division is concerned, but extremely so as far as the company is concerned...