CBS Corp is interested in spotting the next big phenomenon in user-generated programming over the Internet, not buying market leader YouTube, Chief Executive Leslie Moonves said on Thursday.
“It is obviously phenomenally successful,” Moonves said of YouTube. “I doubt we would buy it at this point. Maybe we would look for the next YouTube, the next great idea that’s not spread across the world.”
Moonves also told a gathering of TV executives in London that while CBS is in the market to buy new media ventures, none of the social networking sites is in its sights.
He said Rupert Murdoch’s News Corp (NWS.N: Quote, Profile, Research) has done well with its acquisition of MySpace, but that others have not fared as well, without naming names.