CBS Reports Q1 Earnings Drop

May 3, 2007  •  Post A Comment

Charges associated with the sale of 34 radio and nine TV stations and lower syndication revenues helped drive first-quarter profits for CBS Corp. down 6 percent.
However, television revenues for the quarter ended March 31 rose to $2.6 billion, up 2 percent from $2.5 billion for first quarter 2006, due in part to a 9 percent increase in ad revenues in the quarter, which included the Super Bowl and the NCAA Men’s Basketball Tournament. Also contributing to the improved TV revenue picture were home entertainment, and growth in affiliate fees and subscribers from Showtime and CSTV.
CBS reported a 31 percent year-to-year drop in syndication revenues, which it attributed largely to weaker licensing fees from “Frasier” reruns and a tight market on basic cable channels.
Overall CBS Corp. net income fell to $213.5 million or 28 cents a share, from $226.9 million, or 30 cents per share a year ago. Total revenues rose 2 percent to $3.65 billion from $3.58 billion a year ago.

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