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CBS Posts Losses, Except in Digital
CBS' reported a third quarter loss of $12.5 billion today, due to a $14 billion write-down and declining ad revenue in its television, radio and outdoor divisions.
Digital revenue is still a small portion of the company's overall income, but including CNET in last year's results and revenues rose 6 percent this year, driven by a 12 percent growth in internet display advertising.
Revenue rose 3 percent to $3.38 billion, thanks to cable syndication of "CSI: New York" and the company's acquisition of CNET Networks last year. But licensing fees jumped 41 percent due to the syndication of "CSI" and earnings fell 14 percent due to a 17 percent drop in ad sales, resulting in television revenue growth of only 2 percent.
Internet revenue grew to $140.7 million from $35.9 million, due mainly to the CNET acquisition.
Earlier this month, CBS warned that the declining advertising market
would result in a shortfall from profits last year, and these results are in keeping with their estimates.
The company also told investors about the $14.12 billion charge, which reflects a write-down of goodwill and other assets hurt by the economic turmoil.
By Meghan Keane for Wired.com
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