Nevertheless, CBS shares were up 7.14% in end-of-day trading. Les Moonves continues to preside over a small public company that is way too dependent on advertising, and every media company is feeling that slump. (Blame Sumner Redstone, who unequally divided Viacom and CBS, leaving to the latter pay channel Showtime but no cable which has been weathering the recession better than network.) Television (including the O&O’s), network, radio, outdoor displays, were all down in the 2nd-quarter compared to last year. The company said it earned $15.4M, compared to a profit of $408.4M a year ago (that included a gain on the sale of its investment in Sundance Channel). Profit plunged 96%. Yes, 96%! Revenue fell 11% to $3.01B, down from $3.03B, lower than analysts had predicted.
Disastrous CBS 2nd-Q Profit Plunged 96%
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