CBS Fourth-Quarter Profit Declines on Radio Asset Writedowns

CBS Corp., owner of the most-watched U.S. broadcast network, said fourth-quarter profit fell after advertising sales dropped at its radio stations and billboard unit.

Net income declined to $58.8 million, or 9 cents a share, from $136.1 million, or 20 cents, a year earlier, the New York- based company said today in a statement distributed by PR Newswire. Excluding a writedown to the value of radio assets and other items, profit of 25 cents met the average of analysts’ estimates compiled by Bloomberg.

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To counter a slowdown in broadcast TV advertising, Chief Executive Officer Leslie Moonves is negotiating for retransmission fees from cable operators. CBS, which gets almost two-thirds of its sales from advertising, benefited from an improvement in the television ad market during the quarter.

Revenue fell less than 1 percent to $3.50 billion, compared with the $3.46 billion average of analysts’ estimates.

CBS, controlled by Chairman Sumner Redstone, rose 20 cents to $13.72 at 3:57 p.m. in New York Stock Exchange composite trading. The shares gained 72 percent last year.

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