Earnings: CBS Corp's Profits Rise; Revenues Decrease

CBS (NYSE: CBS) Corp reported its Q3 earnings today, and had profits of $343.3 million compared with $316.9 million in the year-ago quarter. Revenues slipped 3 percent to $3.4 billion. Decline in revenues was due to “lower television license fees, the impact of radio and television station divestitures and the absence of UPN, which ceased broadcasting in September 2006.”

— On the TV side, its revenues slipped to $2.07 billion, compared to $2.15 billion in the year-ago period. Advertising revenues on the TV side decreased 4 percent.
— Radio revenues decreased 12 percent to $445.7 million from $508.1 million for the same prior-year period, reflecting the impact of the previously announced radio station sales in ten markets, as well as weakness in ad sales.

Nothing on digital in the earnings release, but more later from the earnings call.

Earnings release.

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