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CBS shoots and scores with online March Madness ad dollars

Stanford Cardinal player dunks in March Madness practiceThe recession hasn't squashed the spirit of college athletes, it likely won't slow down the creation of office "bracket" pools, and it hasn't stemmed the tide of online ad revenue flowing into CBS Corp. (NYSE: CBS), which is nearing the end of its 11-year pact with the NCAA for March Madness broadcast rights. (The deal expires in 2013).

A week before the NCAA Tournament begins, CBS has already sold nearly all of its online ad inventory, according to The Wall Street Journal. Just 35 companies -- including Coca-Cola (NYSE: KO) and General Motors (NYSE: GM) -- have bucked up for these streaming ads.

Continue reading CBS shoots and scores with online March Madness ad dollars

Newspaper wrap-up: Time to take a look at Indian pharmaceuticals?

MAJOR PAPERS:
OTHER PAPERS:
  • David Letterman is seeking his own deal with the Writers Guild of America which would allow his show to return to air on CBS Corporation's (NYSE: CBS) CBS station in early January even if the strike is continuing, the New York Times reported.
  • According to the UK Times, Ford Motor Company (NYSE: F) is expected to name Tata as the preferred bidder for its Jaguar and Land Rover units.

CBS files motion to dismiss Dan Rather's breach of contract suit

CBS (NYSE: CBS) said it has filed a motion to dismiss Dan Rather's $70 million, breach of contract lawsuit, calling Rather's claims "far fetched" and "baseless."

Rather, the former anchor of the CBS Evening News filed suit against CBS, its former parent Viacom (NYSE: VIA), CBS president/CEO Leslie Moonves, CBS and Viacom chairman Sumner Redstone, and one-time CBS News president Andrew Heyward, alleging that he was erroneously blamed for the 2004 "Memogate" scandal about President George W. Bush's Vietnam-era military record.

"There was no such nefarious scheme, and Rather's allegations bear no resemblance to reality," CBS said in its motion, Reuters/Hollywood Reporter reported. "CBS and its executives are not now, and never have been, out to get Dan Rather."

CBS's shares were virtually unchanged Friday, falling 8 cents to $27.14 in mid-day trading.

Media Analysis: Although Rather is unlikely to win his suit, the suit represents another demerit for CBS, a network adrift. Few organizations have done more to tarnish their reputation and trample on their tradition and legacy than CBS, the network of Edward R. Murrow and Eric Sevareid. The tasteless, disrespectful treatment of Rather during his departure stands in stark contrast to the respect, decorum, and professionalism that was the network's norm for generations.

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Last updated: November 12, 2009: 09:16 AM

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