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In case you missed it, Rather said the CBS Evening News is in a tailspin because CBS (CBS) tried "to bring the 'Today' show ethos to the 'Evening News,' and to dumb it down, tart it up in hopes of attracting a younger audience." It is understandable why Moonves dismissed these remarks as sexist, and it's also understandable why Rather wants to believe that things would have been different if he hadn't blown himself up in the Bush-National Guard forgery fracas. But the argument is a sideshow.
Moonves is right that unless CBS can find ways to skew the Evening News audience under 60 years old, the show is toast. He's wrong, however, when he implies that the choice of the right anchor, or style, will accomplish this.
The evening news shows are dying for the same reason the newspapers are dying: the next generation of viewers/readers are getting their news online (or from Jon Stewart). Because the online medium is simply a better medium for delivering news, nothing the TV networks do will change this trend.
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And Les Moonves, like Roger Ailes, is one of those guys who has done his share of damage to American television by dumbing down or replacing important stuff rather than try to make it as good as it can be. Serious and high-quality news reporting is part of meeting the obligation to the public implied by the First Amendment and is obviously critical for sustaining public political discourse; there's a higher obligation to find a formula that makes quality accessible to the people rather than turn it into infotainment hoping for chance viewing...