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Article: CBS posts 1Q loss; CEO sees 'improvement'
- Article from:
- AP Worldstream
- Article date:
- May 7, 2009
- Author:
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CBS Corp., the media company controlled by billionaire Sumner Redstone, said Thursday it lost $55 million in the first quarter as advertising revenue fell sharply.
The results missed Wall Street expectations, but the company gave an upbeat outlook for the rest of the year.
Chief Executive Leslie Moonves told analysts on a conference call that TV advertisers had increased purchases on the "scatter," or spot ad, market in the last four to six weeks at prices above the bulk bookings secured ahead of last year's TV season.
"We are seeing early signs of improvement in the advertising marketplace both locally and nationally," Moonves said. "It is ...