CBS ( CBS) brushed off talk of a Univision ( UVN) buy, saying the big Spanish-language radio and TV broadcaster is expensive.
Finance chief Fred Reynolds told investors at a Bank of America conference in New York that CBS isn't eager to pony up $12 billion for Univision, likening an acquisition of that size to climbing Mount Everest. He also said CBS is concerned about potential regulatory hurdles such as the Federal Communications Commission's station cross-ownership restrictions. The New York Post reported this week that CBS is looking to team up with a partner to buy Univision, which has run up recently amid buyout talk and is currently valued at around $10.5 billion. Univision put itself on the block last month. "There are two major issues for us," Reynolds said. "One is valuation and the other is regulation." On Wednesday, CBS rose 2 cents to $24.44 and Univision slipped 14 cents to $34.28.