Breaking Finance News

CBS Went Black in Key Markets Last Night and People are Mad! (CBS, TWC)

On Friday at about 5 p.m. EDT, CBS (NYSE: CBS) pulled its programming from Time Warner Cable (NYSE: TWC) customers in New York, Los Angeles, and Dallas. In total, the blackout affects about three million viewers and they aren’t happy.

The dispute is over retransmission fees. Time Warner Cable believes that the reported 100 percent increase CBS is asking for is outrageous. CBS says that it has a number of the highest rated programming yet charges less than other networks. CBS is asking for $2 per subscriber–up from $1, according to reports.

Talks are scheduled to resume Monday but BTIG media analyst, Richard Greenfield believes that the blackout could last six weeks or more. A CBS executive predicted 10 to 14 days, according to the New York Times.

NBC News Los Angeles tweeted this last night:

 

Throughout negotiations, CBS has taken to the public to bolster its position. Last night, it tweeted:

But customers tweeted their outrage as well and it doesn’t appear that they’re interested in picking sides.

[stock-tools exchange="NYSE" symbol="CBS" image_height="230" image_width="350"]

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

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