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.”
“I do not rule out our ability to buy one,” he added. “But when you see the price YouTube is now demanding it is pretty phenomenal.”
Moonves was spotted chatting with YouTube founder Chad Hurley earlier this year, fuelling speculation about a possible deal.
He said one of the things they discussed was the possibility of CBS supplying a daily package of news and sports clips for distribution on YouTube.