CBS apparently underestimated the value of its rights with respect to its advertising revenues and to its promotional opportunities for other network programming. The vast resources of Fox founder Rupert Murdoch allowed that network to grow quickly, primarily to the detriment of CBS. Also, CBS Sports suffered from the fact that in light of their money-bleeding, $1 billion deal with Major League Baseball (1990–1993), it suddenly entered a cost cutting mode. The network had already developed a stodgy and overly budgeted image under Laurence Tisch, who had become CEO in 1985. Tisch was already notorious for having made deep cuts at CBS News and for selling off major portions of the company, such as Columbia Records which was sold to Sony. When CBS lost the NFL to Fox, the problems accelerated as the ""Tiffany Network"" struggled to compete in the ratings with a slate of programming whose audiences skewed older in comparison to the other networks, even though the network still finished ahead of Fox, whose programming at the time of the NFL deal was almost exclusively limited to primetime and children's programming. One of the few bright spots in terms of ratings and audience demographics for CBS in the Tisch era, the Late Show with David Letterman, which often dominated The Tonight Show with Jay Leno in its first two years, saw its ratings decline in large part due to the affiliation switches, at times even finishing third behind Nightline on ABC.