One of the biggest screw-ups involving CBS that first and foremost comes to my mind is allowing the NFL to leave (after being on CBS for 38 years) for the upstart Fox network in late 1993. This gave Fox a ton and I mean a ton of credibility and severely crippled CBS for the mid-part of the '90s at least. Without the NFL, it became much harder for CBS to promote their shows. More to the point, CBS' affiliates who were wary w/o the NFL for the foreseeable future moved over to Fox beginning in 1994.
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Read more: http://www.sitcomsonline.com/boards/showthread.php?t=316843#ixzz2hGb9YbTI