CBS admitted losing $55 million in the first year of its contract with major league baseball while denying persistent rumors that it may cost the network’s sports president, Neal Pilson, his job. “Neal is not in trouble,” said George Schweitzer, a spokesman for CBS Inc.
The $55-million loss was computed after taxes. Industry analysts earlier predicted that the losses could top $100 million. At the same time, the network also said it would write off $115 million more in losses over the remaining three years of the baseball contract, which was for $1.06 billion over four years. This was the first year of the contract.