CBS posts better-than-expected quarterly profit

NEW YORK (Reuters) - CBS Corp (CBS.N) reported better-than-expected quarterly earnings on Thursday, as its television business got a boost from higher license fees and affiliate revenue.

CBS, home to the top rated TV broadcast network, reported net earnings of $207.6 million, or 30 cents a share, compared to a loss of $12.46 billion, or $18.58 a share, a year ago, when it wrote down billions of dollars in assets.

Revenue fell to $3.35 billion in the third quarter from $3.38 billion in the period a year ago, as sales dropped in its digital, radio and outdoor divisions. Revenue rose in its TV business, as higher affiliate revenue helped offset a tough advertising market.

Adjusted for items, CBS reported earnings of 25 cents a share, compared with analyst expectations for 22 cents a share, according to Thomson Reuters I/B/E/S.

CBS is particularly vulnerable to advertising, given its reliance on its TV network as well as radio, Internet and outdoor advertising businesses. About 65 percent of its revenue typically comes from advertising.

(Reporting by Paul Thomasch; Editing by Tim Dobbyn)