CBS Cable, losing millions, folds after less than a year
Everywhere one looked at the National Cable Television Association (N.C.T.A.) convention in Las Vegas last May, people were buoyant about their prospects in a business whose time apparently had come. Last week, however, cable's optimists got a jolt: communications giant CBS (1981 revenues: $4.1 billion) announced that it would shut down its critically praised but loss-plagued cultural service within 90 days. According to estimates by industry sources, the service had lost $30 million in less than a year. A dispirited Thomas F. Leahy, executive...
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