CBS “not seeing a recession”


That declaration came from CBS Corporation CEO Les Moonves in his quarterly conference call with Wall Street analysts after the company reported Q4 revenues down 3% to 3.76 billion, largely due to divestitures and the lack of political revenues in the off year. Q4 operating income before depreciation and amortization (OIBDA) rose 4% to 824 million. While Moonves acknowledged that there are concerns about the US economy, he said the hardest hit sectors, including homebuilding and real estate, “are not significant advertisers on our air.”  
For all of 2007, CBS Corporation saw revenues decline 2% to 14.1 billion and OIBDA was off 1% to 3.1 billion. Looking ahead, the company is telling investors to expect 2008 OIBDA to be up3-5%.