You will be redirected back to your article in seconds

Jordan: Eye’s prospects good

NEW YORK — Westinghouse Electric Corp. chairman Michael Jordan promised improved results at CBS next year from the Winter Olympics and better demographic ratings.

At an annual shareholders meeting in Minneapolis on Wednesday, Jordan said, “We expect to continue to gain share against our rivals, and that will help our results.”

He told reporters the company’s stock price should improve in the next several weeks as TV ratings improve. CBS has had a strong showing in the early days of the May sweeps, and Jordan expects shares to trade at $18-$19 by the time Westinghouse’s industrial businesses are spun off in late September, as scheduled.

Westinghouse shares closed down 12-1/2¢ Wednesday, to $16.87-1/2.

In other news, Westinghouse also announced the election of Peter Lund, president-CEO of CBS Television and Cable Group, to the company’s board of directors; his counterpart at CBS Radio, Mel Karmazin, had earlier been named a director.

Also, 60% of the company’s shareholders voted against a proposal to rescind a poison-pill plan, leaving the current one in place. But in a concession, the company has agreed to halve its duration, from 10 to five years.

Jordan also confirmed to reporters after the meeting that he’s seeking an outsider to lead the industrial businesses, now headed by Francis Harvey, which will be spun off from the media sector as the new Westinghouse Electric Co. Jordan himself will remain CEO at CBS Corp.

More Scene

  • John Cena Ferdinand

    'Ferdinand' Director on Why John Cena Was Perfect for Title Role

    NEW YORK — Westinghouse Electric Corp. chairman Michael Jordan promised improved results at CBS next year from the Winter Olympics and better demographic ratings. At an annual shareholders meeting in Minneapolis on Wednesday, Jordan said, “We expect to continue to gain share against our rivals, and that will help our results.” He told reporters the […]

  • Asian-American Unforgettable Awards 2017

    'Westworld's' Leonardo Nam Says Seeing Asian Actors in ‘Star Wars’ ‘Feels Normal’

    NEW YORK — Westinghouse Electric Corp. chairman Michael Jordan promised improved results at CBS next year from the Winter Olympics and better demographic ratings. At an annual shareholders meeting in Minneapolis on Wednesday, Jordan said, “We expect to continue to gain share against our rivals, and that will help our results.” He told reporters the […]

  • Mark Hamill'Star Wars: The Last Jedi'

    'Star Wars: The Last Jedi' Honors Late Carrie Fisher at Elaborate Premiere

    NEW YORK — Westinghouse Electric Corp. chairman Michael Jordan promised improved results at CBS next year from the Winter Olympics and better demographic ratings. At an annual shareholders meeting in Minneapolis on Wednesday, Jordan said, “We expect to continue to gain share against our rivals, and that will help our results.” He told reporters the […]

  • Ajit Pai Free Speech

    FCC Chair Plays for Laughs at D.C. Event Amid Fierce Net Neutrality Debate

    NEW YORK — Westinghouse Electric Corp. chairman Michael Jordan promised improved results at CBS next year from the Winter Olympics and better demographic ratings. At an annual shareholders meeting in Minneapolis on Wednesday, Jordan said, “We expect to continue to gain share against our rivals, and that will help our results.” He told reporters the […]

  • GQ Men of the Year Awards

    Stars Reflect on 2017 at GQ's Men of the Year Party: 'This Is a Year of Cultural Revolution'

    NEW YORK — Westinghouse Electric Corp. chairman Michael Jordan promised improved results at CBS next year from the Winter Olympics and better demographic ratings. At an annual shareholders meeting in Minneapolis on Wednesday, Jordan said, “We expect to continue to gain share against our rivals, and that will help our results.” He told reporters the […]

More From Our Brands

Access exclusive content