Manka Bros. Will Not Purchase CBS
Good morning. Following a dinner I had last night at Cut with Les Moonves and his stunning wife, Julie Chen, I have come to the conclusion that Manka Bros. will not pursue the purchase of CBS. I have speculated privately with my chief lieutenants at the studio that this might be a good fit considering the horrendously crappy year we have been having at MBS (the last five years really) - but I have decided that even at a relatively cheap and, frankly, embarrassing market cap of $5 billion, it's still not worth the money. If the price drops to about $500 million, maybe we'll talk again. Hopefully, the phone call that Les had to make last night to Sumner Redstone went okay. I know Sumner needs the cash quickly but the timing just wasn't right.
I told Les this doesn't mean he's no longer in my Monthly Mogul Book Club... and we had a good laugh over that.
So my message to Jay McBee and his Television Group team - START DEVELOPING BETTER FREAKING SHOWS! You have been given a very short lifeline.
Khan Manka, Jr. - Chairman & CEO - Manka Bros. Studios0 TrackBacks
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Khan Manka, Jr. assumed the title of Chairman of the Board of Manka Bros. Studios - The World's Largest Media Company - following his father Harry Manka's death in 1976. Before that he was the member of several Southern California rock bands.
I think that's a good move, Khan. The market hasn't been kind to our stock either. I don't know where we would have gotten the money if you said yes.
David Chang - CFO - Manka Bros. Studios
I seriously doubt you could buy CBS for the market cap price. I don't see anyone getting it for less than $10 billion.