Friday, November 03, 2006

CBS Still Smarting From Stern's Departure

SeekingAlpha: CBS's Operating Revenues Rise 26% Amid Losses from Viacom, Stern Departures
Friday November 3, 4:52 am ET

Summary: CBS Corp. announced that operating earnings rose 26% due to the success of billboard and television advertising; nevertheless, the company's shares fell 11 cents to $28.70. The most-watched network reported $323.6 million, or 42 cents a share, compared to $256.9 million, or 33 cents a year ago. This was due in part to a 34% increase in outdoor advertising revenue. However, the company's net earnings have declined since its split from Viacom, and the defection of Howard Stern to Sirius Satellite Radio caused a 10% fall in radio revenues. CEO Leslie Moonves cut programming costs, has moved several shows, such as "CSI Miami" and the nightly news with Katie Couric, onto the web, and is currently making deals with Yahoo!, YouTube and other web sites to generate more revenue. CBS also announced a plan to buy back up to $1.5 billion worth of shares in the upcoming year...read more: here