CBS Reports Decline in Revenue

By Tess Stynes 

CBS Corp. reported that its third-quarter revenue fell 3.3%, which the entertainment giant blamed on the timing of television licensing sales and decreases in pay-per-view revenue.

Revenue declined to $3.26 billion from $3.37 billion a year earlier. Analysts polled by Thomson Reuters had expected revenue of $3.27 billion.

Overall, CBS reported a profit of $426 million, or 88 cents a share, down from $1.64 billion, or $3.03 a share, a year earlier. Analysts polled by Thomson Reuters expected per-share profit of 81 cents.

The year-earlier period included a gain of $1.56 billion related to the sale of CBS's majority stake in CBS Outdoors America Inc., which split off from the media giant in 2014.

CBS Chief Executive Leslie Moonves has maintained that the company faces fewer worries from cord-cutters because it has fewer channels to distribute and has the most-watched broadcast network.

At the same time, CBS has been spending to create its own "over-the-top" services such as its CBS All Access as well as an Internet-delivered version of its premium channel Showtime, which was introduced in July.

In addition to updates on the CBS's fall television season, investors likely will be looking for any breakout of results at its over-the-top offerings.

Write to Tess Stynes at [e-mail]

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(END) Dow Jones Newswires

November 03, 2015 16:39 ET (21:39 GMT)

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