In September, the research firm Audit Integrity released a study identifying the 20 publicly traded U.S. companies valued at more than $1 billion that were at greatest risk to declare bankruptcy in the next 12 months. The list read like a hall-of-fame roster for American corporations, including Goodyear, Macy's, Sprint Nextel, Hertz, and so on. But the most iconic name on the list may have been one of the least surprising: the CBS Corp.The company quickly issued a stern denial that it was in any danger, urging all "credible" media outlets "to report the issue fully, and to challenge Audit Integrity's flawed pseudo-analysis before blindly regurgitating their misinformation." But the P.R. battle had already been lost. Headlines wondered whether CBS was at death's door as the story gained traction. When one month later the company's principal investor, Sumner Redstone's privately held National Amusements, announced it would sell as much...
- 11/4/2009
- backstage.com
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