October 29, 1999 |
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.
September 30, 1998 |
CBS Corp. shares fell nearly 10% amid expectations that advertising revenue at the No. 2 U.S. television network will weaken in the second half. The decline came after Morgan Stanley Dean Witter & Co. analyst Frank Bodenchak cut his cash-flow estimates, saying CBS lost advertising because of the General Motors Corp. strike. The network also will get less ad revenue than expected from NFL broadcasts and political campaigns, said Bodenchak.
February 2, 2006 |
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.
November 3, 2006 |
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.
February 18, 2009 |
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.
February 14, 2013 |
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.
October 14, 2009 |
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.
January 11, 2014 |
The U.S. Supreme Court could settle the fate of a new technology company that television broadcasters fear would destroy their business. On Friday, the high court said it would hear arguments that Aereo Inc., a start-up firm, violates copyright law by enabling its customers to stream local television stations over the Internet and that it should be shut down. The major media companies seeking the court's review include CBS Corp., 21st Century Fox, Walt Disney Co. and Comcast Corp. FACES TO WATCH 2014: Digital media Launched in 2012 and backed by media mogul Barry Diller, Aereo is currently available in 10 cities, including New York, where it is based.
January 24, 2014 |
Although he rarely makes it into the office these days, Sumner Redstone continues to collect a handsome executive compensation package. The 90-year-old controlling shareholder of Viacom Inc. received a package valued at $36.2 million in 2013 in his role as executive chairman of the New York cable television and movie company, according to a filing Friday with the Securities and Exchange Commission. That represented a 50% increase over Redstone's 2012 Viacom compensation of $24.2 million.
November 11, 2013 |
Louis J. Briskman plans to retire next month from his role as general counsel of CBS Corp. A mainstay of the broadcasting company, Briskman first joined CBS in 1975 when it was Westinghouse Electric Corp. He has served as the top lawyer for four public corporations, including Aetna Inc., Group W (the broadcasting subsidiary of Westinghouse) and Westinghouse Electric. After his stint at Aetna, Briskman rejoined CBS in September 2005, just four months before the CBS breakup with Viacom Inc. At that point, CBS became a separate publicly traded company.