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.
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.