Although CBS reported Q3 revenue was essentially unchanged from the year before, its radio and outdoor advertising divisions suffered steep declines in sales
CBS announced its results for the third quarter of fiscal 2009, reporting a revenue of $3.35 billion and an operating income of $418.2 million.
Analysts say CBS will likely hit its third-quarter estimates, with an upside for next year. CBS expects to earn between $1.25 billion to $1.925 billion for fiscal 2009
CBS posted the highest ratings in primetime TV for the fourth straight week, and the network's shows "NCIS" and "NCIS: Los Angeles" were the most watched show and most watched new show for the fourth straight week as well
Under new legislation just approved by the Senate Judiciary Committee, radio station owners such as CBS will have to pay fees to play music on the air. Although some broadcasters support the legislation, CBS is against it, claiming that radio play promotes music and should thus remain free
CBS Corp.’s Internet unit was sued by a U.S. software maker over claims that the company’s ZDNet China Web site helped Chinese government-backed firms dispense a stolen program used to censor political and religious content
CBS completed a previously announced sale of four radio stations in Portland, Ore. to Alpha Broadcasting for $40 million in cash.
CBS Corp was accused of securities laws violations on behalf of CBS investors, who purchased their shares between February 26, 2008 and October 10, 2008. An investigation on behalf of current long term investors in CBS was announced.
CBS, which tested the mobile live video market with streaming March Madness games earlier this year, plans to stream SEC games through an app developed with MobiTV for free online and for a $9.99 on mobile phones.
The CEO of CBS announced that he expects the auto sector to come back, and that its advertising will provide a boost for CBS, as the automobile industry is a major advertiser for the company
CBS made the top ten of Audit Integrity's Bankruptcy Risk list, placing 8th with a 6.2% chance of bankruptcy in the coming year
CBS made the top ten of Audit Integrity's Bankruptcy Risk list, placing 8th with a 6.2% of declaring bankruptcy in the coming year
The CEO of CBS announced that improvements that had been occuring in advertising markets continued into Q3 2009.
Deutsche Bank cut its forecast to an EPS of 6 cents, compared to previous estimates of 10 cents per share. This cut revolves mainly around concerns of declining ad revenues- CBS' shares fell 5.1% following the announcement.
CBS ended the season as the most-watched network and the only one of the four major networks to increase its viewership during the 2009 season. Overall, CBS's viewership grew by 11% during the season.
CBS's revenue fell 13% during the quarter because of slumping ad sales across its business segments. As a result, CBS operated at a loss of $55 million during the quarter or 8 cents per share, compared to a profit of $244 million a year earlier. The results missed estimates of profit of 7 cents per share.
CBS's shares were up 21% on Friday on some analysts' hopes that the broadcasting-advertising market had reached a bottom.
The company declared a 5-cent quarterly dividend on 4/8, marking an 80% drop from the previous dividend. The move represents a move to save CBS about $450 million per year.
CBS's revenue fell by 6% during Q4 2008, because of falling advertising sales across all its business segments. Furthermore, the company's net income dropped by 52% during the quarter. Because of this weak performance, the company announced plans to cut its dividend to 5 cents a share from 27 cents in a move that will save the company an estimated $450 million.
CBS announced a multiyear agreement with concert provider Live Nation. Under the agreement, CBS radio will help market Live Nation's 12,000 annual concerts as well as coproduce new events with Live Nation.
Soleil Analyst Laura Martin downgraded CBS from buy to hold. Martin predicts falling advertising revenue and higher borrowing costs in the near term.
CBS Announces agreement to purchase CNET Networks for 1.8 billion dollars, working out to $11.50 per share.
CBS's news writers announced that they too may join the strike of television writers across the country. The strike has been seriously affecting CBS's programming since it began on November 5th.
