CBS Mulling Entering Movie Business

CBS Corp. (CBS) is exploring a possible entry into the movie business, with a view toward producing a handful of smaller-budget films annually, Chief Executive Les Moonves said Wednesday.

"We are exploring it," Moonves said at a PricewaterhouseCoopers media event in New York. "We're not looking to do 'Superman."'

Moonves did not provide details on how CBS would set up a movie venture, whether through acquisition or building up its own properties.

But he said the television and radio broadcaster would be interested in producing six to eight movies a year on smaller budgets of $20 million to $30 million.

"We could get in in a small way, doing six to eight movies a year in a risk-free way," Moonves said.

CBS, home to the television network of the same name, separated from corporate parent Viacom Inc. (VIA) at the beginning of the year. Viacom retained the Paramount Pictures movie studios.