Earnings: CBS 1Q Profits Drop Slightly, Redstone And Moonves Tout Interactive Moves

CBS Corp. (NYSE: CBS) posted a slight decline in 1Q net earnings with $213.5 million, or $.28 per diluted share, compared with $226.9 million, or $.30 per diluted share, for the same prior-year period. Revenues for the quarter were up slightly, coming in at $3.7 billion compared to $3.6 billion in 1Q07, a 2 percent gain.

CBS did not break out how interactive ventures performed during the quarter, though, in its pre-call statement, Sumner Redstone, CBS Corp.’s executive chairman, and Les Moonves, the company’s president and CEO, both emphasized that such efforts are and will remain a particular focus for its TV, radio and publishing businesses. “CBS creates some of the most popular content in the world, and we’re beginning to monetize it effectively with new distribution platforms. I am very confident that Leslie and his team will continue to create value for shareholders by building our core operations while capitalizing upon interactive opportunities,” Redstone said, while Moonves added, “

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