CBS Narrows Quarterly Loss, Helped by Resurgence in Advertising, Retrans Fees; Moonves Says CBS Is Constantly Talking With CNN About Potential Partnership

May 6, 2010  •  Post A Comment

CBS narrowed its quarterly loss during the first three months of 2010, helped by a resurgence in advertising and recent agreements for retransmission fees, the Los Angeles Times’ Company Town blog reports.

Asked during the earnings call about a report that CBS and CNN are talking about merging their news operations, CBS CEO Leslie Moonves said, that the two companies had been talking for years about doing something together.  "We’re in constant dialogue about how do we make our business better, and we will continue to do that," Moonves said, according to the article.

The company’s fastest-growing unit was local broadcasting, where revenue jumped 19%. Its entertainment division, which includes the CBS network, saw sales jump 15% to $2.08 billion.

"We’re well positioned going into the upfront," Moonves said. "It will be one of the strongest in years."

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