In a Bloomberg story before CBS’s earnings release tomorrow, investors and analysts express dissatisfaction with parent company CBS’s expensive $1.8 billion purchase of CNet and subsequent 30 percent drop in their stock since May. Portfolio manager John Miller (whose firm held 5.5 million shares this March) wishes CBS would sell Simon & Schuster and spend $1.5 billion on a stock buyback program. Other investors are hoping for news of a buyback, and CEO Leslie Moonves says in a phone interview, “Because of our strong balance sheet, we are still in a position to buy back stock. We haven’t ruled that […]
