CBS loses $55 million in first quarter

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from the Associated Press:

“We are seeing early signs of improvement in the advertising marketplace both locally and nationally,” Chief Executive Leslie Moonves told analysts on a conference call. “It is premature to call it a full recovery, but the trends are encouraging.”

The New York-based company said its net loss amounted to 8 cents per share, down from a profit of $244 million, or 36 cents per share, a year ago.

Revenue dropped 13 percent to $3.16 billion.

Newshounds will likely see a few stories that play the angle of “improved ratings aren’t helping CBS”.   While it’s true CBS ratings have improved versus last year’s rerun-filled, strike riddled season, prime-time broadcast is just a small part of a CBS empire that is heavily reliant on advertising.

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