Revenues down, earnings up for CBS


Having sold some radio and TV stations and shut down UPN since a year ago, Q3 revenues at CBS Corporation were down 3% to 3.3 billion. But the company noted that net earnings from continuing operations were up 5% to 340.2 million and CEO Les Moonves is confident about the company’s direction. For the CBS Television Network, he noted that scatter pricing is up "north of 35%" and he also expressed confidence in the turnaround taking place at CBS Radio. For Q3, TV revenues were down 3% to 2.08 billion, radio revenues dropped 12% (7% same station) to 445.7 million, outdoor grew 3% to 552.2 million and publishing gained 9% to 214.2 million. Operating income before depreciation and amortization rose 4% for TV to 476.1 million, dropped 19% for radio to 169.6 million, gained 8% for outdoor to 153.5 million and gained 5% for publishing to 23.8 million.