May 2, 2019 / 8:11 PM / 21 days ago

CBS misses revenue estimates on weak content licensing, distribution

May 2(Reuters) - TV broadcaster and media company CBS Corp fell short of analysts’ estimates for first-quarter revenue on Thursday, hit by a drop in content licensing and distribution sales.

Net earnings rose to $1.58 billion, or $4.21 per share, in the three months ended March 31, from $511 million, or $1.32 per share, a year earlier.

CBS, home to popular shows such as the “The Late Show with Stephen Colbert,” and “The Big Bang Theory”, said total revenue rose nearly 11 percent to $4.17 billion, but came in below estimates of $4.30 billion, according to IBES data from Refinitiv.

Reporting by Vibhuti Sharma in Bengaluru; Editing by Sriraj Kalluvila

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