We’ll let CBS explain in its own words: “The continued economic slowdown in the United States has adversely affected advertising revenues across the Company’s businesses, primarily at the local level, and the effects of the current financial crisis are likely to cause further declines in advertising spending.” It still thinks that revenue growth for Q3 will be in the 3% vicinity. But it’s also preparing to take an impairment hit “to reduce the carrying value of goodwill, intangible assets related to FCC licenses and investments” amounting to $14B. Its next conference call is on the books for 10/30/08.
