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CBS Profit Plunges 96% as Ad Slump Continues
Wall Street Journal ^ | AUGUST 6, 2009 | KATHY SHWIFF

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.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: cbs; closed; liberalmedia
MSM fall continues.
1 posted on 08/06/2009 2:08:47 PM PDT by Ben Mugged
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To: Ben Mugged

Couldn’t happen to a more deserving network!


2 posted on 08/06/2009 2:09:35 PM PDT by SuziQ
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To: Ben Mugged

Is it too late to bring back the Beverly Hillbillies and Green Acres?


3 posted on 08/06/2009 2:10:06 PM PDT by a fool in paradise (There is no truth in the Pravda Media.)
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To: Ben Mugged

Good News Day!


4 posted on 08/06/2009 2:10:12 PM PDT by Signalman
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To: Ben Mugged

They don’t get a penny from me. Unplug your cable - vote with your feet!


5 posted on 08/06/2009 2:11:07 PM PDT by 2 Kool 2 Be 4-Gotten
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To: Ben Mugged

Over the cliff with Obama....wonderful.


6 posted on 08/06/2009 2:11:12 PM PDT by AngelesCrestHighway
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To: Ben Mugged; abb; al baby

dang... BRD is everywhere!


7 posted on 08/06/2009 2:11:59 PM PDT by GeronL (Guilty of the crime of deviationism.)
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To: Ben Mugged

(raising glass) CBS: here’s to a slow, lingering, painful death


8 posted on 08/06/2009 2:14:23 PM PDT by tumblindice
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To: Ben Mugged

Major fail!


9 posted on 08/06/2009 2:16:26 PM PDT by wastedyears (The Tree is thirsty and the hogs are hungry.)
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To: SuziQ

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.


10 posted on 08/06/2009 2:18:27 PM PDT by definitelynotaliberal (So how about, in honor of the American soldier, ya quit making things up? - Gov. Palin)
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To: a fool in paradise

Elly May looked better fully clothed than today's actresses with their "wardrobe malfunctions".
11 posted on 08/06/2009 2:19:05 PM PDT by TurtleUp (So this is how liberty dies - to thunderous applause!)
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To: Ben Mugged

Nothing like starting a long weekend on happy news!


12 posted on 08/06/2009 2:22:30 PM PDT by Redleg Duke ("Don't fire unless fired upon, but it they mean to have a war, let it begin here." J Parker, 1775)
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To: Ben Mugged

I would like to know just who is still advertising with them.

I would like to know where NOT to spend my money.


13 posted on 08/06/2009 2:23:06 PM PDT by Safrguns
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To: a fool in paradise

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.


14 posted on 08/06/2009 2:23:34 PM PDT by Frantzie (Lou Dobbs - American Hero! Bill O'Reilly = Liar)
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To: Ben Mugged
hahahahahaha....hahahahhahahahhaha..... hahahahahahaha.... puhleeze, stop!!! you're making my stomach hurt... Maybe Katie Couric can get another colonoscopy.. that should boost ratings... bwahahahahahaha...

I'm so glad that bringing her to the network has really helped the bottom line.

15 posted on 08/06/2009 2:24:23 PM PDT by erman (Outside of a dog, a book is man's best companion. Inside of a dog, it's too dark to read.)
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To: Ben Mugged

16 posted on 08/06/2009 2:24:24 PM PDT by Leisler
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To: a fool in paradise

How about Uncle Wally?

Oops, missed it by that much


17 posted on 08/06/2009 2:24:43 PM PDT by A_Former_Democrat
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To: Safrguns

“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.


18 posted on 08/06/2009 2:26:22 PM PDT by AuntB (Tired of Left/right coast globalist party power brokers? How 'bout THE HEARTLAND AMERICA PARTY??)
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To: AuntB

>>> I have noticed some Obamacare, etc ads during the Katie Couric news. They’ll get a government bailout one way or the other.

Oh great... now I have to boycott myself...

FINE.... NO MORE TAXES!


19 posted on 08/06/2009 2:27:56 PM PDT by Safrguns
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To: Frantzie

If Obama treated the networks as he’d like to do with seniors, they would all be on morphine drips.


20 posted on 08/06/2009 2:34:21 PM PDT by NewHampshireDuo
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To: Ben Mugged
"CBS has suffered from a steep downturn in ad revenue and is losing viewers to the Internet."

this is bad news in my opinion. They have one of the best Internet access to old TV shows.

I have been just hooking up a lap top to my 50" TV and get really nice pictures off CBS and other web sites that have them streaming.

21 posted on 08/06/2009 2:36:53 PM PDT by Steve Van Doorn (*in my best Eric cartman voice* 'I love you guys')
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To: Ben Mugged

Too bad for the Communist Broadcasting System. Too bad for Dan “Frequency Kenneth” Rather and that pompous old fart Cronkite or Crankkite.

Good riddance to bad, treasonous, anti American rubbish.


22 posted on 08/06/2009 2:39:55 PM PDT by garyhope ( It's world war IV, right here, right now, courtesy of Islamofascism.)
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To: Steve Van Doorn
...and other web sites that have them streaming.

Can you provide some examples?

23 posted on 08/06/2009 2:44:57 PM PDT by Utilizer (What does not kill you... -can sometimes damage you QUITE severely.)
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To: Ben Mugged

Good, they need to go away.


24 posted on 08/06/2009 2:45:14 PM PDT by 3niner (When Obama succeeds, America fails.)
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To: Ben Mugged

Maybe they’ll trot out Dan Rather with some forged financial statements showing a profit.


25 posted on 08/06/2009 2:45:19 PM PDT by Trod Upon (Obama: Making the Carter malaise look good. Misery Index in 3...2...1)
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To: Ben Mugged

Wahoooo! And the more money they lose by airing obama live—all the time—the better!


26 posted on 08/06/2009 2:48:38 PM PDT by freeangel ( (free speech is only good until someone else doesn't like what you say))
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To: Ben Mugged

C’mon Barry, have weekly prime time press conferences and kill them off for good!


27 posted on 08/06/2009 2:51:37 PM PDT by mikey_hates_everything
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To: Ben Mugged

I wish some rich conservative muli-billionaire would buy CBS, fire Couric and all the other liberal newspeople employed there, and then run the news division from a conservative point of view. The network would grow leaps and bounds quickly, imho. Fox News has already proven this would happen.


28 posted on 08/06/2009 2:52:02 PM PDT by rawhide
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To: Ben Mugged

They should hire Rush to anchor their evening news.


29 posted on 08/06/2009 2:57:32 PM PDT by Tai_Chung
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To: Steve Van Doorn

You bet! I haven’t had cable or any TV for almost three years. I watch the good stuff on hulu.com. Recently, I bought a 42 inch flat screen with all the inputs. Hulu on the big tv is perfect!!! I love my internet TV!


30 posted on 08/06/2009 3:04:28 PM PDT by hot4plasma
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To: Ben Mugged

That’s what happens when one takes the Blue Pill.


31 posted on 08/06/2009 3:08:01 PM PDT by Nickname
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To: Ben Mugged

This death is too slow.


32 posted on 08/06/2009 3:09:09 PM PDT by bmwcyle (Obama's lies make Bill Clinton's lie small)
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To: Utilizer
http://www.veoh.com/
http://www.hulu.com/
http://www.fancast.com/full_episodes
http://www.free-tv-video-online.info/internet/
Then there are sites like Justin.tv

There are many sites like southpark studios that you can find specific shows.
I have been looking for a TV station that plays on the net old tv shows. I have not found it yet.

33 posted on 08/06/2009 3:12:54 PM PDT by Steve Van Doorn (*in my best Eric cartman voice* 'I love you guys')
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To: Steve Van Doorn

Thanks!


34 posted on 08/06/2009 3:22:02 PM PDT by Utilizer (What does not kill you... -can sometimes damage you QUITE severely.)
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To: Utilizer

oh. you need a good video card to run a large TV.


35 posted on 08/06/2009 3:22:17 PM PDT by Steve Van Doorn (*in my best Eric cartman voice* 'I love you guys')
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To: Steve Van Doorn

No problem. I already have the tv-out option installed.


36 posted on 08/06/2009 3:27:08 PM PDT by Utilizer (What does not kill you... -can sometimes damage you QUITE severely.)
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To: Ben Mugged

Yee-hah! Haven’t watched anything on CBS for a good fifteen years.


37 posted on 08/06/2009 3:28:45 PM PDT by ccmay (Too much Law; not enough Order.)
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To: Steve Van Doorn

KDOCD Channel 56.1 in Los Angeles shows old shows. This is showing right now: 3:00 to 6:00 PM PDT Thursday Aug 6 2009

TVPG (CC) HDTV Magnum, P.I.
TVPG (CC) HDTV Hogan s Heroes
TVPG HDTV Hogan s Heroes
TVPG HDTV M*A*S*H
TVPG (CC) HDTV M*A*S*H


38 posted on 08/06/2009 3:36:18 PM PDT by NathanR
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To: NathanR

Yeap good old KDOC... I am in LA and put up an antenna for specifically that channel. But they are not streaming.


39 posted on 08/06/2009 3:41:03 PM PDT by Steve Van Doorn (*in my best Eric cartman voice* 'I love you guys')
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To: Ben Mugged

Obama will loan them 2 billion of the taxpayers money.


40 posted on 08/06/2009 3:47:10 PM PDT by stephenjohnbanker (Pray for, and support our troops(heroes) !! And vote out the RINO's!!)
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To: erman
<1>I'm so glad that bringing her to the network has really helped the bottom line.

LOL! Just to augment your suggestion, See BS should hire "Colon" Powell to keep Katie company. That will spread the Shiite around.

41 posted on 08/06/2009 4:00:03 PM PDT by melancholy
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To: Ben Mugged

ROFL!


42 posted on 08/06/2009 4:00:11 PM PDT by TexasFreeper2009 (Obama lied, the economy died)
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To: Tai_Chung
They should hire Rush to anchor their evening news.

I have a feeling that BOR's "moderate" behavior is designed to snag this job.

43 posted on 08/06/2009 4:05:11 PM PDT by melancholy
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