Cbs Films "A Tiny Part Of Our Business," Says Moonves
In an SEC filing on Tuesday, CBS reported solid results for its second quarter, with revenue from advertising, new cable-TV carriage fees, and pay-TV revenue boosting operating profits by 80 percent. However, the company barely mentioned its CBS film division, which has struggled since its rebirth in 2007. The unit has released two films this year, Extraordinary Measures , with Harrison Ford and Brendan Fraser, which tanked with just $11.9 million in total domestic revenue, and The Back-up Plan with Jennifer Lopez, which may have broken even with $37.5 million. During a conference call on Tuesday, CBS chief Les Moonves observed that the company intends to continue to make low budget -- and therefore low-risk -- movies. He pointed out that the studio's next release, Faster, scheduled for release in November, cost just $34 million. Besides, he noted, "it's a coproduction with Sony. ... and we're only into that movie for $17 million. Although people do like to talk about [CBS Films] because it's sexy, it's still a very tiny part of our business." Moonves said that in 2011 it currently only has one film scheduled -- Beastly, starring Vanessa Hudgens, "which cost all of $17 million."