CBS Loses Massive $12.5 BILLION With Write-down

Categories: TV Business

Written By

October 30th, 2008

Ouch.   From Reuters:

NEW YORK (Reuters) - CBS Corp CBS.N reported a massive quarterly loss as the economic crisis and rapidly deteriorating advertising market tarnished the TV and radio broadcaster's results and prompted it to take a $14.1 billion non-cash charge.

CBS, which also owns film and outdoor advertising businesses, posted on Thursday 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.

Excluding special charges but including stock-based compensation expenses, CBS earned 40 cents per share, which was in line with analysts' expectation, according to Reuters Estimates.

Normally I don't find boilerplate earnings text like "excluding special charges, CBS earned 40 cents per share" bothersome, but when the special charge is $14.1 *billion* it just seems wacky.

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