CBS reports $12.5 billion loss

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Posted by chicagomedia.org on October 30, 2008 at 09:56:26:

CBS Posts $12.5 Billion Loss With Write-Down

CBS CORP reported a massive quarterly loss on THURSDAY, as a rapidly deteriorating advertising market tarnished the TV and radio broadcaster's results and the economic crisis prompted it to take a $14 billion non-cash charge, reports REUTERS.

CBS, which also owns film and outdoor advertising businesses, reported a third-quarter loss of $12.46 billion, or $18.58 per share, compared with a profit of $343.3 million, or 48 cents a share, in the year-earlier period.

Adjusted earnings per share amounted to 43 cents, down from 50 cents in the year-earlier period.

Earlier this month, CBS warned that the declining advertising market would mean it would fall short of the profit it reported for the year-before quarter. It also told investors it would be taking the $14.1 billion charge, which reflects a write-down of goodwill and other assets hurt by the economic turmoil.

CBS revenue rose 3% to $3.4 billion, helped in part by its recent acquisition of web media company CNET.

(All Access)

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: CBS Posts $12.5 Billion Loss With Write-Down : : CBS CORP reported a massive quarterly loss on THURSDAY, as a rapidly deteriorating advertising market tarnished the TV and radio broadcaster's results and the economic crisis prompted it to take a $14 billion non-cash charge, reports REUTERS. : CBS, which also owns film and outdoor advertising businesses, reported a third-quarter loss of $12.46 billion, or $18.58 per share, compared with a profit of $343.3 million, or 48 cents a share, in the year-earlier period. : Adjusted earnings per share amounted to 43 cents, down from 50 cents in the year-earlier period. : Earlier this month, CBS warned that the declining advertising market would mean it would fall short of the profit it reported for the year-before quarter. It also told investors it would be taking the $14.1 billion charge, which reflects a write-down of goodwill and other assets hurt by the economic turmoil. : CBS revenue rose 3% to $3.4 billion, helped in part by its recent acquisition of web media company CNET. : (All Access)

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