Posted on 08/06/2009 3:36:15 PM PDT by llevrok
CBS Corp. saw its profit all but wiped out in the second quarter,
The New York media company relies heavily on advertising, especially at its broadcast-TV network. Television ad revenue fall 13% in the quarter, to $1.15 billion, from a year earlier, even though CBS has been the only one of the four biggest U.S. TV networks to increase its prime-time audience this season.
CBS's TV shows, like crime-solving series "The Mentalist," perform well even as reruns, averaging 10.1 million viewers in prime-time this season through Aug. 2, according to Nielsen Co. That's a 9.1% increase from a year earlier. But lower advertising sales, combined with higher costs for TV shows following a writer's strike last season, helped drive down operating income at CBS's TV segment by 44%.
In a statement, Leslie Moonves, CBS's chief executive, said "early signs of a recovery took hold in the second quarter," noting that CBS's results showed improvement from the first quarter, when the company posted a $55.3 million loss.
The economic downturn has put heavy pressure on CBS, which derives most of its revenue from advertising. But some analysts think CBS's dependence on ad revenue could actually help it outperform its peers in a recovery.
For the second quarter, CBS reported net income of $15.4 million, or 2 cents a share, down about 96% from $408 million, or 61 cents a share, a year earlier. Adjusting for a year-earlier gain from the sale of a stake in the Sundance Channel and other items, the company's earnings fell to 8 cents per share, down from 49 cents per share a year earlier.
(Excerpt) Read more at online.wsj.com ...
Die, you rotten SOB’s, die.
Couldn’t happen to a nicer bunch of communists.
Re: “Couldn’t happen to a nicer bunch of communists.”
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YES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 96% profit plunge — best news I’ve heard all day!
That sucks. I once built a website for Compaq that did that much business every three and a half days.
The economic downturn has put heavy pressure on CBS, which derives most of its revenue from advertising. But some analysts think CBS's dependence on ad revenue could actually help it outperform its peers in a recovery.Les should concentrate on landing just a few big sponsors, such as the bucket manufacturer's association (for all CBS's carrying of water for Obama), the company that makes K-Y (guess why), and maybe some entity involved in typeface technology -- no reason. ;')
I got rid of cable/satellite, so I drop in on the broadcast networks every so often. There’s really nothing but junk on them, seems like they’ve given up completely. Japanese Game Show, Wipe Out, endless “reality” tripe... programming must be written and managed by idjuts. Boy, I thought cable was bad, but it’s “tiffany” compared to the nets.
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What’s going to be funny is when CBS runs a news show that says the crash is over, then goes to its Board and sez “Gee, our profits are down because the economy is tanking.
parsy, who thinks they will have to practice keeping a straight face.
This is the best news I’ve heard all week.
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