LOS ANGELES Nov 7 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,
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.