[opendtv] News: CBS posts $9 billion loss on TV and radio
- From: Craig Birkmaier <craig@xxxxxxxxx>
- To: OpenDTV Mail List <opendtv@xxxxxxxxxxxxx>
- Date: Tue, 28 Feb 2006 08:36:53 -0500
CBS posts $9 billion loss on TV and radio
Feb 27, 2006 2:02 PM, Beyond The Headlines e-newsletter
CBS last week reported a loss of $9.1 billion in the fourth quarter
to write down the value of its radio and television businesses.
It was the first time CBS reported earnings as a separate company
since its separation from Viacom. CBS reported the fourth quarter as
if it were already a separate entity.
The write-down lowered the value of CBS television assets by $6.4
billion and those of the radio unit by $3.05 billion. On a per-share
basis, that was equivalent to $5.99.
The bottom line was weighed down by charges to write down the fair
market value of its radio and television properties. The latest
results compared to an even larger net loss of $18.4 billion, or
$10.99 per share, in the comparable period in 2004, when the company
also recorded big charges to write down its radio stations as well as
its outdoor advertising business.
The results were less gloomy than analysts had forecast, Bloomberg
News reported. CBS hopes to counter the effect of sluggish broadcast
advertising with revenue from Web sites and the sale of TV programs
on handheld devices.
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