CBS Posts $12.5 Billion Loss With Write-Down
October 30, 2008 at 5:18 AM (PT)
CBS CORP. reported a massive quarterly loss on THURSDAY, as a rapidly deteriorating advertising market tarnished the TV and radio broadcaster's results, and the economic crisis prompted it to take a $14 billion non-cash charge, reports REUTERS.
CBS, which also owns film and outdoor advertising businesses, reported a third-quarter loss of $12.46 billion, or $18.58 per share, compared with a profit of $343.3 million, or 48 cents a share, in the year-earlier period.
Adjusted earnings per share amounted to 43 cents, down from 50 cents in the year-earlier period.
Earlier this month, CBS warned that the declining advertising market would mean it would fall short of the profit it reported for the year-before quarter. It also told investors it would be taking the $14.1 billion charge, which reflects a write-down of goodwill and other assets hurt by the economic turmoil.
CBS revenue rose 3% to $3.4 billion, helped in part by its recent acquisition of web media company CNET.