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CBS TV Revenue Grows 9% on Higher Show Fees Affiliate revenue up 11%; ad revenue down 5% By Claire Atkinson

CBS Television segment revenue grew 9% on last year's third quarter to $2.27 billion thanks to higher TV license fees and affiliate revenue. Advertising revenue fell 5%, in part because of lower political ad sales. TV advertising sales were $1 billion in the quarter, down from $1.06 billion in the prior period, though one positive is that CBS is less reliant on advertising than it was at the same time last year.

Third quarter ad sales were 51% of TV segment revenue during the third quarter 2008, for the period to Sept. 30 it's just 44%. Affiliate revenue increased 11% thanks to higher retransmission revenue and a growth in subscriptions at Showtime Networks and CBS College Sports Network.

CBS Corp.'s third quarter revenue was $3.35 billion, down from last year's quarter because of lower ad revenue. Net earnings were $207.6 million versus a net loss of $12.46 billion in the quarter last year when the company took a $14 billion impairment charge. Adjusted net earnings, excluding the write-down, were $265.9 million.

Operating income before depreciation and amortization (OIBDA) was $565.6 million. The company said in a statement, Nov. 5 that it expects its full year OIBDA outlook to be in the range of $1.725 billion to $1.925 billion.

CBS Corp. President/CEO Leslie Moonves said in a press release that the company would realign its business segments in the fourth quarter of 2009.

Broadcasting & Cable Copyright © 2008 Reed Business Information A division of Reed Elsevier Inc. All rights reserved.

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