CBS Profit Up 1%; To Sell 50 Radio Stations
July 31, 2008 at 6:54 AM (PT)
CBS CORP said on THURSDAY its second quarter profit rose 1% from gains on the sale of the SUNDANCE CHANNEL, but revenue was hit by a downturn in advertising that has accompanied the broader economic problems in the UNITED STATES, reports REUTERS.
Excluding one time items, CBS posted a profit of $355.3 million, or 53 cents per share. Revenue rose 1% to $3.4 billion.
50 Mid-Size Stations To Be Sold
Reaffirming a previously announced strategy, CBS said it aims to sell off 50 mid-size market radio stations to fund a share buyback. At present, there is not a specific list of stations/markets affected as the "situation is fluid".
CBS CORP President & CEO LESLIE MOONVES said, "During the quarter, we completed our acquisition of CNET NETWORKS, which we believe will add at least two percentage points to our revenue and profit growth rates going forward, in addition to being accretive to earnings and free cash flow in 2008. By selling selected stations in these markets we can focus on the larger market stations, many of which are showing growth."