CBS, Infinity Withdraw From Broadcasters Association
CBS Television and Infinity Broadcasting, both units of Viacom (VIA), resigned from the National Association of Broadcasters, a nonprofit organization of U.S. radio and television stations and broadcast networks.
In a press release Wednesday, the companies said they both have been calling for the elimination of the national broadcast ownership cap, along with other restrictions. A spokesman for CBS said that the NAB board met Wednesay "and reaffirmed its commitment to a 35% ownership cap." He stated that the announcement was the main reason for the withdrawal from the organization.
In a prepared statement, the companies said "we have been proud NAB members for many years, but it has recently become clear that we have a fundamental issue on which we and certain of the NAB's television members disagree. Until recently, we felt it was possible to remain members of the association with this disagreement unresolved."The companies said they will continue to work with others in the industry to ensure free over-the-air television and radio stand on an "even footing" with competitors. "It has now become clear that we cannot remain within an organization that is actively working against those objectives," the statement said.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV