News

CBS Profit Rises, TV Income Up

CBS Corp. boosted profit 8.3% to $343.3 million as growth at its publishing and billboard businesses overcame weakness at its radio unit. The television division posted a 4% rise in operating profit.

Net income for the third quarter came in at .48 cents a share compared with 41 cents a share, or $316.9 million a year ago. Revenue dropped 2.9% to $3.28 billion, reflecting lower television license fees, the absence of the UPN network on the books and the impact of divestitures of TV and radio stations, CBS said in a statement Thursday.

Addressing the issue that threatens to roil the entire TV industry this week, CBS CEO Leslie Moonves said that should there be a writers’ strike, the company is “fully prepared” with plenty of content and expects “no material impact” on the its prime-time performance for the remainder of the young 2007-2008 broadcast season.

At the television business—consisting of the CBS broadcast network, stations, the CBS Paramount Network Television studio, syndicator CBS Television Distribution, Showtime and CSTV—revenue declined 3% to $2.08 billion, reflecting lower license fees and advertising revenue. Those problems were partially offset by higher affiliate revenues.

Television license fees fell 9%, reflecting the timing of foreign syndication and fewer titles available for domestic syndication, the company said. Ad revenue declined 4% as sales of stations and the disappearance of UPN countered other growth.

Affiliate revenue rose 5%, reflecting rate increases and subscriber growth at both Showtime and CSTV.

Operating profit in the TV business rose to $430.9 million primarily due to higher profits from the mix of titles in syndication, ad sales growth and affiliate revenue increases.

CBS Corp. revenue for 2007 likely will dip 2% to 3% as CBS finishes shedding “slower-growth assets,” Mr. Moonves said in a conference call with analysts.

(Editor: Baumann)

Comments (4)

DonC:

I love the way you put Katie Couric's picture with this story about CBS profits being up. She is loosing money for the network. I guess its a good thing CBS is making money on other programs. They can keep funding the ones that are loosing money, cough cough CBS Evening News dohh... Stupid is what Stupid does..

DonC:

Just so everyone knows I linked to this story off of http://www.huffingtonpost.com/. That is where the Couric picture is posted with a link to this story..

smarish:

I don't know where these idiots get off criticizing Katie. They don't even know her. She is a much more effective reporter than many of those water-carriers you see on the Fix Noise network, and she is much smarter and better looking than most any other news person on TV.

dras:

Reruns of programs like CSI , even Jerry Seinfeld in Little Mis Takes spot could add untold millions to the profits. Think about it, their news programs have no real substance other then to fill time. During the breaks of Seinfeld and CSI they could give the public the headlines. Hell that's all most of them can take or even comprehend.

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