TELEVISION - July 29, 1991

Walters Stays With ABC: Barbara Walters has just signed a new multi-year contract with ABC News believed to be worth between $2.5 million and $3 million annually--but not before CBS Entertainment made a determined effort to lure her away with an offer of a regular prime-time spot for her highly rated interview specials. The recruitment effort over the past two months was orchestrated by CBS Broadcast Group President Howard Stringer. Industry observers characterized CBS’ move as an attempt to overcome “the lack of big-name female stars” among the network’s news correspondents.