This story was written by Joseph Weisenthal.
CBS (NYSE: CBS) reported Q1 revenue of $3.65 billion, basically flat from the year-ago quarter, though this partly had to do with having had the Super Bowl last year. Net earnings grew 14 percent to $244.3 million from $213.5 million, although this gain included certain radio station divestitures. On an adjusted basis, which excludes this, as well as stock-based compensation, net income was up 9 percent to $291.4 million (.09 per share). In the announcement, the company touted the strength of its top franchise, including CSI, as well as the NCAA tournament, whose online revenue doubled from last year. Rvenue at CBS' TV business slipped 1 percent, although this was affected by both timing issues, as well as the writer's strike.
By Joseph Weisenthal