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Article: Eye's seeing red: CBS reports $55.3 mil loss.(Financial report)
- Article from:
- Daily Variety
- Article date:
- May 8, 2009
- Author:
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CBS Corp. capped several weeks of mostly dour financial results at media companies, swinging to a loss of $55.3 million last quarter from a $244 million profit the year before.
Revenue eased to $3.16 billion from $3.65 billion. And the soft numbers, driven in part by a weak ad market, hit even as the CBS network is having its best season in years.
However, CBS chief Leslie Moonves sees some sunshine breaking through the gloom. During Thursday's earnings conference call, he echoed remarks made Wednesday by News Corp. topper Rupert Murdoch and by other media execs in recent weeks. Amid the bleak numbers from the first quarter, top brass are accentuating ...