Posted on 07/31/2007 4:54:15 AM PDT by abb
CBS 2nd-Quarter Earnings Down Sharply As Radio Unit Continues Struggles
NEW YORK (AP) -- Media conglomerate CBS Corp. said Tuesday second-quarter net earnings fell sharply, as advertising fell at both television and radio stations. CBS, which owns the namesake television network that produces "60 Minutes" and the "CSI" franchise, said net income plunged to $404 million, or 55 cents per share, from $781.7 million, or $1.02 per share, in the year-ago period.
Adjusted to exclude tax benefits and gains from the sale of assets, earnings from businesses operated in both periods rose 9 percent to $393.1 million, or 54 cents per share, from $360.8 million, or 47 cents per share, last year.
Analysts, whose estimates typically exclude items, expected a profit of 51 cents per share on revenue of $3.42 billion.
CBS said revenue fell 3 percent to $3.37 billion from $3.48 billion last year. The result was hurt by the shutdown of the UPN network and the lack of the NCAA men's basketball championship, which aired in the first quarter.
Radio revenue fell 11 percent as the company sold a number of stations in 10 markets. But adjusted to compare revenue at stations owned in both periods, revenue was down 5 percent on a sharp drop in advertising.
By the end of the decade or shortly thereafter, television networks as we know them today will cease to exist. After the ‘08 elections, network evening broadcasts will go dark.
ping
Gee, I wonder how much of their 2Q losses are the result of the bloated “money-down-a-rat-hole” salary they pay perky Katie Couric to drive their audience to record lows . . . . . while she works diligently to drive even MORE audience away!!??
Classic National Lampoon cover. Almost as funny as the “If Ted Kennedy drove a Volkswagen he’d be president today” ad.
I know that WCBS New York went from a popular and steady oldies format to a “Jack” format for the last year. They are back to playing oldies, now. I wonder how much they lost on that debacle.
If MSM and liberal rags are losing their market share....why are we getting stuck with liberal dominated politicians?
Where are all those votes coming from for Hilary?
Thanks for the ping. Great news!
I thought only bad news made headlines!
Where are all those votes coming from for Hilary?
From people who can't read (no sarcasm intended).
I have that edition framed in my game room. People who haven’t seen it howl.
You have to update it to say “If you don’t WATCH, we’ll give this dog to Michael Vick” with a Vick/dog fighting related image.
http://adage.com/mediaworks/article?article_id=119616
Going private?
Also present on the call was CBS Executive Chairman Sumner Redstone. In response to a question from an analyst, Mr. Redstone said taking one of his holdings — CBS and its sibling, Viacom — private remained a possibility. “We think there’s an enormous amount of growth in them without any great strategic change. However, we do consider all alternatives,” Mr. Redstone said. While taking one of the companies private has been contemplated, he said “it’s not on the front burner, but you can rest assured it will receive the consideration it should.”
The Eye didn't look like a clear, safe bet on Tuesday afternoon to stock-watchers.
... Anthony Noto, an analyst at Goldman Sachs, read over the numbers and told clients to close up their wallets and ditch the stock.
The latest results, Noto argued, didn't change his view that CBS represented the worst value in the group given the sub par fundamentals. Near term, the analyst wrote, political advertising and shareholder-friendly moves could benefit the stock, but this time next year he thinks it will still be at $32 per share. ...
The Eye looked kind of blurry on Tuesday morning. ...
We can't wait to feed on that big ole CBS eye!
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