CBS Corp. President and CEO Leslie Moonves reassured shareholders at an annual meeting Tuesday in New York, pointing out that CBS’ stock has already doubled from its low point earlier this year, the Hollywood Reporter says.

"As the economy improves, our stock price will, too," Moonves said. "We believe we have seen the bottom of the downturn."

While he warned that it was too soon to declare a "full-blown recovery," he did tell shareholders that "we are seeing early signs of improvement in the advertising marketplace — both in local and national."

—Vlada Gelman