CBS loses $55 million in first quarter
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.