April 9, 1986
Inc. said Tuesday that its first-quarter net income declined 3% despite a 9% gain in revenue. Thomas H. Wyman, chairman and chief executive of CBS, attributed the results to a higher debt load, weaker advertising and more expensive programming costs. CBS said its net income for the three months ended March 31 came to $16.3 million, compared to $16.8 million in the same period a year ago. Income from continuing operations fell 38% to $16.3 million from $26.5 million. Revenue totaled $1.
April 26, 1988
CBS Records Inc., a unit of Japan's Sony Corp., has recruited entertainment manager Tommy Mottola to head its U.S. record operations. Mottola, 39, who has worked as a manager for entertainers Daryl Hall and John Oates, John Cougar Mellancamp and Carly Simon, was named president of the CBS Records division. He replaces Alvin E. Teller, 44, who had headed the division since 1985. Last week, Teller said he was stepping down to explore "new challenges and opportunities."
October 9, 1986 |
CBS said Tuesday that net income from continuing operations declined 2% in the third quarter as the communications company absorbed a $23.7-million charge tied to personnel cuts, the writedown of some feature film program rights and the closing of a research unit, CBS Technology Center. The broadcasting company said net income from continuing operations in the period ended Sept. 30 declined to $28.6 million on revenue of $1.15 billion, compared to $29.1 million on revenue of $1.
May 1, 1998 |
Following months of domination of the world music market, Sony Corp. on Thursday elevated Thomas D. Mottola to chief executive of its global music division. Mottola's promotion comes shortly after Sony unseated Warner Music Group as the No. 1 record company in the United States in market share. Sony, whose "Titanic" soundtrack album has sold nearly 8 million copies since its December release, has cornered a 21.1% share of the domestic market so far this year.
April 14, 1988 |
CBS Inc. said Wednesday that its first-quarter earnings rocketed, but the rise resulted from a huge one-time profit on the sale of its Records Group and from interest earned by investing cash from other asset sales. The company said the operating profit of its Broadcast Group fell 19%, compared to strong results a year ago. CBS reported an after-tax profit of $911.3 million for the January-March period, compared to earnings of $48.7 million. Revenue fell 4.6% to $696.3 million from $729.
November 12, 1986 |
CBS has had offers to purchase its booming records unit from such diverse bidders as Walt Disney Productions, Triangle Industries and CBS Records President Walter R. Yetnikoff, but so far none has been generous enough to consider selling, company sources said Tuesday. CBS Records has not been formally put up for sale, and most analysts have until now speculated that the ailing broadcaster would not part with the property in view of the unit's recent sterling performance.
April 13, 1986 |
The music business is so predictable. Record executives complain about rampant home-taping; Willie Nelson records a duet with his favorite new artist, and Rolling Stone publisher Jan Wenner has become embroiled in another feud with an industry titan. But this year's Wenner War is a doozy.
August 16, 1986 |
Speculation on Wall Street and within the recording industry grew Friday that General Electric has put its recently acquired record operations, RCA/Ariola International, up for sale. Knowledgeable sources put the asking price at about $400 million. Officials of RCA/Ariola referred questions about the rumors to General Electric, which would neither confirm nor deny an impending sale.