Skip to comments.CBS Profit Plunges 96% as Ad Slump Continues
Posted on 08/06/2009 2:08:46 PM PDT by Ben Mugged
CBS Corp.'s second-quarter profit sank 96% on lower ad sales and one-time gain, but the media giant cited early signs of a recovery.
"As we anticipated, early signs of a recovery took hold in the second quarter," with results better than the first quarter, said Chief Executive Les Moonves.
He added CBS expects the second half of the year to be "considerably stronger" than the first. Mr. Moonves noted CBS was the only network to add viewers this summer and that "we also have a strong slate of syndication titles in the pipeline for release between now and year-end."
CBS has suffered from a steep downturn in ad revenue and is losing viewers to the Internet. The company slashed its dividend, and Standard & Poor's Ratings Services in June lowered its debt rating to one notch above junk, even after the company bought back debt with near-term maturities and issued longer-dated bonds.
For the latest quarter, CBS reported a profit of $15.4 million, or 2 cents a share, down from $408.4 million, or 61 cents a share, a year earlier. Excluding items such as a debt-extinguishment loss in the latest quarter and divestitures a year earlier, earnings fell to 8 cents a share from 49 cents.
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Couldn’t happen to a more deserving network!
Is it too late to bring back the Beverly Hillbillies and Green Acres?
Good News Day!
They don’t get a penny from me. Unplug your cable - vote with your feet!
Over the cliff with Obama....wonderful.
dang... BRD is everywhere!
(raising glass) CBS: here’s to a slow, lingering, painful death
I can’t imagine any CBS affiliate worse than what we have here in MN. I’ll never forget how they even said the word Republican during the convention. I would now find it far easier to punch my 3 and 1 yr. old nephews in their sweet little faces than to watch anything on CBS or to click on it even by mistake.
Nothing like starting a long weekend on happy news!
I would like to know just who is still advertising with them.
I would like to know where NOT to spend my money.
Bring back Kronkite’s corpse (God is gonna punish me for that one).
Bring back insane Dan Rather.
I hope CBS/Viacom does sooner than later.
I'm so glad that bringing her to the network has really helped the bottom line.
How about Uncle Wally?
Oops, missed it by that much
“I would like to know just who is still advertising with them.”
I have noticed some Obamacare, etc ads during the Katie Couric news. They’ll get a government bailout one way or the other.
>>> I have noticed some Obamacare, etc ads during the Katie Couric news. Theyll get a government bailout one way or the other.
Oh great... now I have to boycott myself...
FINE.... NO MORE TAXES!
If Obama treated the networks as he’d like to do with seniors, they would all be on morphine drips.