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CBS Reports $12.5B Loss in Third Quarter

10/31/2008 08:00:00 PM Eastern

CBS Corp. last week reported a third-quarter loss of $12.5 billion, or $18.58 per share, partially reflecting the $14.1 billion writedown on ad-supported assets it announced in October, and an indication of the tough advertising economy. For the comparable period last year, it reported net income of $343 million, or 49 cents a share. Excluding the writedown and other expenses, CBS reported operating income of $290.3 million, or 43 cents a share.

For the quarter, CBS revenue climbed 3% to just less than $3.4 billion, boosted by the acquisition of CNET and the successful sale of CSI: New York into cable syndication.

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