CBS buoyant for the future.(World)

Despite posting net losses of $55.3 million for the first quarter of 2009, CBS Corp. honcho Les Moonves is optimistic that the TV company is on the brink of an economic recovery, taking cues from the perceived rebound of local advertising.

In a statement, Moonves echoed News Corp chairman and CEO Rupert Murdoch's recent comments implying that the worst is behind us, saying: "We are confident that the second half of the year will bring improved results due to a strong slate of syndication releases, the effect of cost reductions that were made last year and early signs of an improving local advertising marketplace."

The rose-hued remarks come on the heels of the network's recent campaign announcing its new status as the top-rated network in the nation.

In related news, banks have agreed to extend a grace period of almost two years for Viacom and CBS majority shareholder Sumner Redstone to pay back CBS's $1.6 billion debt. Under the terms of the new deal, Redstone's stake in the two media empires will be on the table should he be unable to repay his debt by the new December 31, 2010 deadline. Insiders are speculating that Redstone will come up with a significant portion of the money he owes by selling off a number of the U.S. and U.K. cinemas owned by his holding company, National Amusements.

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