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CBS 3rd-quarter profit beats expectations helped by syndication sales of shows

From The Associated Press, November 5, 2009 - 4:28 PM

CBS 3rd-quarter profit beats expectations helped by syndication sales of shows

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LOS ANGELES (AP) - CBS is posting third-quarter earnings that beat analyst forecasts.

The broadcast network operator says sales of popular shows to other networks and higher subscription fees for pay-TV service Showtime helped overcome an advertising downturn.

CBS Corp., which is controlled by media mogul Sumner Redstone, posted net income of $208 million, reversing a $12.5 billion loss in a year-ago quarter that was marred by impairment charges.

Adjusted for one-time items, the earnings came to 25 cents per share, cruising past analyst expectations for 22 cents per share.

Revenue fell less than 1 percent to $3.35 billion, also handily beating forecasts.