CBS takes part-ownership of AXS network

[David]

http://www.deadline.com/2013/02/cbs-axs-mark-cuban-partnership/

UPDATE: CBS Takes Equity Stake In AXS TV With Plans To Promote Event
Programming
By DAVID LIEBERMAN

Is Les Moonves now, once again, Dan Rather�s boss? Well, a little:
Turns out CBS isn�t simply partnering with AXS TV� as the companies
framed the arrangement in their announcement today. The network giant
has an equity stake in the channel formerly known as HDNet, Moonves
told analysts this evening. He didn�t say how much CBS owns of the
network which airs Dan Rather Reports or how much it paid, if
anything. �Having the power of CBS I�m sure we�ll be able to increase
[AXS TV's] affiliate fees, but it won�t be part of our negotiations,�
he said. Moonves added that entrepreneur Mark Cuban�s channel will be
able to offer �shoulder programming� for live events CBS airs; for
example it could have had a show featuring backstage scenes at the
Grammy Awards. �It�s a very exciting new prospect for us.� Cuban�s
partners at AXS include AEG, Ryan Seacrest Media and Creative Artists
Agency.

Here�s the release:

February 14, 2013 (LOS ANGELES) � CBS Corporation (NYSE: CBS)
announced today that it has partnered with AXS TV, the leading
television network dedicated to broadcasting live events from the
worlds of music and pop culture. Launched in July 2012, AXS TV is a
joint venture among Mark Cuban Companies, AEG, Creative Artists Agency
(CAA) and Ryan Seacrest Media, and currently has 38 million
subscribers to the service. Originally available in high definition,
AXS TV is now also available in a standard definition format.

The announcement was made by Leslie Moonves, President and CEO of CBS
Corporation, Tim Leiweke President and CEO of AEG, and Mark Cuban, who
will continue to lead the network in his current role as President and
CEO of AXS TV. Terms of the transaction are not being disclosed.
The multi-year commitment from CBS provides for promotion and access
to content and shoulder programming opportunities, in addition to
strategic support.

�CBS is happy to provide AXS TV with live event content as the basis
of this partnership,� said Moonves. �This is an innovative way to use
our tentpole programming to gain more ownership in the cable network
business. AXS TV will now serve as a terrific complement to our
existing broadcast television entertainment programming.�

�CBS brings the industry�s best and most respected resources and
experience to AXS TV which will accelerate our growth and realization
of our vision that, �The future of TV is TV,�� commented Cuban.

�It was amazing to see the transformation from HDNet to AXS TV, and
now this new partnership with CBS will create a new kind of live
entertainment experience for fans,� said Leiweke. �We share Mark�s
vision of bringing together the best minds and the best companies in
the entertainment space. Nobody does it better than CBS and Les
Moonves and I consider him the finest at what he does. Add the power
of CBS to �the Shark� � Mark Cuban � and then combine this with AEG
and our other partners, and I believe this is not just �must see TV,�
it�s �can�t miss TV�,� Leiweke added.