Post-Viacom Demerger, CBS Reports Lackluster Profits
NEW YORK - CBS Corporation reported uninspiring first-quarter earnings as lower profits from radio ate into gains in outdoor advertising and modest growth in television.
The earnings also showed the impact of CBS's split from Viacom at the beginning of the year.
The company said net income totaled $226.9 million (€181.16m; £125.98m), down 61% from $585 million a year earlier.
But the year-earlier period also included operations now owned separately by Viacom. On a comparable basis, CBS profit was up less than 1% from year-earlier net income of $225 million on a 4% increase in revenue to $3.6 billion.