CBS gets $40m for 9/11 loss.(Breaking ...)(Viacom's CBS network)

Broadcasting & Cable, October, 2003

NEW YORK -- Viacom on Friday collected $40 million by settling a dispute with its insurance companies over advertising lost from 9/11. For several days, Viacom's CBS network and some of its TV and radio stations stopped running commercials, going wall-to-wall with news coverage, The company filed what one source said was a $200 million claim to its business-interruption insurance carriers.

The CBS TV unit collected $27 million, and Infinity Radio collected $13 million. Viacom argued that, while there was clearly no government order to remain on the air sans commercials--which many radio and TV entities did for days following the attacks--doing so was nonetheless mandated by its public-interest obligation as well as by the belief that running commercials at...

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