For the quarter that ended March 31, CBS' profit soared
nearly 22%. The New York
media company earned $463 million, or 73 cents a share, compared with $394
million, or 59 cents a share, a year earlier.
"CBS delivered the most successful quarter in the
company's history," Chief Executive Leslie Moonves told analysts on a
Wednesday afternoon conference call to report earnings.
CBS expects to finish the current TV season in first place
among all key measurement categories, including total viewers and adults ages
18 to 49. It would mark the first time since the 1991-92 season that CBS could
claim the trophy for having the most viewers in the key 18-to-49 advertising
demographic.
Local TV and radio stations benefited from a bump in
advertising. The segment generated revenue of $638 million, compared with $622
million in the first quarter of 2012. That represented growth of 2.6%.
The company, which is controlled by billionaire Sumner Redstone, said
it took a non-cash $11 million impairment charge related to divestiture of
certain radio stations.
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