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CBS head Moonves wants to buy "the next YouTube."


method77

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Last week, CBS Corp. Chief Executive Leslie Moonves told Wall Street that his team was sniffing around for up-and-coming Internet properties to buy, preferably on the cheap.

"We're not going to buy YouTube," Moonves said, referring to the wildly popular video-sharing Web site that Google Inc. agreed to acquire last month for $1.65 billion, "but it's not a bad idea to buy the next YouTube."

Today, CBS is to announce that it has hired a 35-year-old investment banker, Quincy Smith, to find the "next YouTube." The move demonstrates that CBS, which is sitting on a stockpile of $3 billion in cash, is eager to make acquisitions to better position itself in digital media.

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