[opendtv] News: CBS posts $9 billion loss on TV and radio

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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