Breaking Finance News

BREAKING- Time Warner and CBS Extend Deadline until 8 p.m. (TWC, CBS)

Time Warner Cable (NYSE: TWC) and CBS (NYSE: CBS) agreed to extend the deadline to reach a deal to 8:00 p.m. EDT Monday to avoid a blackout of CBS programming to select Time Warner Cable customers.

The sides have wrangled over a new distribution deal that has had both companies going to the public for support. The dispute applies only to television stations owned by CBS, the cable channels, Showtime, and CBS Sports. Affected markets include New York, Los Angeles, and Dallas.

CBS believes it is being underpaid compared to other networks while Time Warner Cable feels that CBS is being greedy.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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