CBS News

The beginnings of CBS date back to 1927, after the Columbia Phonograph Company and United Independent Broadcasters launched Columbia Phonograph Broadcasting System (CPBS). The Phonograph was soon dropped, resulting in the name Columbia Broadcasting System (CBS).The next year, young William Paley, who was the 27-year-old son of an owner of a Philadelphia cigar company, bought a controlling interest in CBS. One of his first signature accomplishments [Page 284]running CBS was covering the presidential election in 1928 between Herbert Hoover and Alfred Smith. CBS announcer Ted Husing reported returns from the election, a first for the emerging radio industry. Paley helped develop the concept of option time, where the network would pay their affiliate radio stations $50 per hour for an option on a portion of ...