Cbs Corp

CBS Corp. said third-quarter profit rose elevenfold on higher audience ratings at its top-ranked U.S. television network and advertising gains at its radio stations and billboard business. Profit from continuing operations rose to $35 million, or 5 cents a share, from profit from operations of $3 million, or 1 cent, in the year-earlier period. CBS, which is being acquired by Viacom Inc., was forecast to earn 4 cents a share, the average estimate of seven analysts polled by First Call Corp.

CBS Corp.'s Infinity Broadcasting Corp., one of the largest U.S. radio and billboard companies, said it plans to sell 135 million Class A common shares for between $19 and $22 each in its initial public offering. At the $20.50 midpoint of the expected price range, Infinity would raise $2.8 billion before expenses, according to its filing with the Securities and Exchange Commission.

Despite sharply higher third-quarter profit at CBS Corp., investors fretted Thursday that a slowdown in TV advertising could crimp future earnings or that management might risk some of the company's cash stockpile on big acquisitions. Its shares fell 16 cents to $28.76 after the New York media company reported a 26% jump in earnings from continuing operations.

CBS declared itself "Mentally Strong" in a news release the other day, trumpeting the big ratings for the network's latest hit drama, "The Mentalist." Fiscally fit, however, is the question. The broadcasting giant today reports quarterly results, and Wall Street is bracing for grim numbers -- and looking for CBS Corp. to outline a strategy for how it will navigate the choppy waters ahead.

CBS Corp. has spoken: When it comes to making its reality hit "Survivor" available for downloading, iTunes has been voted off the island. The company announced Wednesday that it was experimenting with cutting out the Internet middlemen by offering downloads of its popular show for $1.99 an episode on its own website, CBS.com. The service is to be launched tonight, immediately after the show airs on the West Coast.

CBS executives are not wasting any time after buying 50% of the TV Guide Network, announcing plans to heat up the cable channel's evening schedule with the No. 1 daytime drama, "The Young and the Restless. " Beginning this summer, encore episodes of the popular soap will run on the TV Guide Network, also known as TVGN, at 7 p.m. on the same day as their telecast on the top-rated CBS network. The fan-favorite drama, which is owned by Sony Pictures Television, has been enjoying a second run in cable for many years on SOAPnet, a cable property of Walt Disney Co.  However, Disney has said it eventually wants to turn SOAPnet into a channel called Disney Jr. with programming aimed at tots.  PHOTOS: Hollywood Backlot moments Repeats of "The Young and the Restless" will remain on SOAPnet until this summer, when they will shift to TVGN.

Broadcasting giant CBS Corp. reported 6.2% higher profit for the fourth quarter of 2012, boosted by higher advertising at the top-rated CBS television network and an increase in subscriber fees for its premium channel Showtime. For the quarter that ended Dec. 31, CBS earned $393 million, or 60 cents a share, up from $370 million, or 55 cents, in the fourth quarter of 2011. Revenue was up 2%, to $3.7 billion. CBS delivered adjusted net earnings of $414 million, or 64 cents a share, up from $377 million during the year-earlier period -- falling short of analysts' estimates of 68 cents a share.

Billionaire Sumner Redstone is breathing easier. Although the 86-year-old media mogul faces a $500-million debt payment in the next two weeks, substantial gains recently in the value of his family's shares in Viacom Inc. and CBS Corp. have given Redstone some badly needed leverage with his lenders. Redstone's privately held family holding company, National Amusements Inc., had planned to sell most if not all of its theater circuit to cover the looming debt payment. But with an improvement in his financial position as well as a loosening of the credit markets, Redstone has decided to hold on to the cinemas -- at least for now -- and thus avoids a fire sale of those assets at the bottom of the market, according to people close to Redstone.

Sony Corp. stock soared in afternoon trading after New York hedge fund Third Point proposed that the electronics and media giant make an initial public stock offering of up to 20% of its entertainment arm. That unit, known as Sony Entertainment Inc., includes film and television studio Sony Pictures Entertainment, Sony/ATV Music Publishing and Sony Music Entertainment. The proposal also raised the specter of a possible Sony alliance - perhaps with CBS Corp., whose CEO Leslie Moonves has long dreamed of running a movie studio.

CBS Corp. has acquired a 50% stake in the TV Guide Network for about $100 million, giving the big broadcaster a larger toehold in cable television. CBS said Tuesday it had entered into a joint venture with the independent film and television studio Lionsgate, which owns the other 50% of the channel also known as TVGN.  CBS bought out the stake held by One Equity Partners, an investment arm of JPMorgan Chase & Co.  The 32-year-old TVGN is widely distributed -- it is available in 80 million homes -- but it has stumbled attempting to create an identity after the conversion to digital channels that made the TV Guide channel's once useful rolling scroll of cable channel program schedules irrelevant.  IN CASE YOU MISSED IT: Your entertainment 'Morning Fix' Now cable subscribers can easily navigate an interactive channel guide by tapping a button on their remote controls.