UPDATE 1-CBS profit gains from more licensing of shows
LOS ANGELES Nov 7 (Reuters) - CBS Corp reported on Wednesday a higher quarterly profit as the company brought in more revenue from the licensing of TV shows and subscriptions to its cable networks.
The company reported third quarter net earnings of $391 million, up from $338 million in the same quarter a year earlier. Adjusted diluted earnings per share reached 65 cents, CBS said.
Revenue rose 2 percent to $3.4 billion in the quarter. Advertising revenue fell 3 percent, driven by a drop at CBS Radio, the impact of foreign exchange rates, and pre-emption of primetime shows for the Republican and Democratic national conventions, the company said.
Shares of CBS rose 1.3 percent in after-hours trade to $34.45. CBS shares earlier closed down 1.2 percent at $34 on the New York Stock Exchange.
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