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

Xeni Jardin 11:38 am Mon Nov 6, 2006

Leslie Moonves, CEO of CBS, announced last week that his network is shopping around for internet media companies. From the LA Times:

"We're not going to buy YouTube," Moonves said, referring to the wildly popular video-sharing website 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 expected to announce that it has hired a 35-year-old investment banker, Quincy Smith, to find the "next YouTube." "I appreciate the pressure," Smith said with a chuckle during an interview. The company named him president of its newly created CBS Interactive division. 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.

Link (Thanks, D.A.!)

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