Profit Drops at CBS Corporation

NEW YORK, July 31: Second
quarter revenues at CBS Corporation were down 3 percent to $3.4 billion, while
profit fell from $781.7 million to $404 million.

For the first half of the
year, meanwhile, revenues were down slightly to $7 billion, with a net profit
of $617.5 million, as compared with the previous year’s $1 billion profit.

The reduction in revenues
for the quarter was attributed to the lack of UPN, which ceased broadcasting
last September following its merger with The WB, and the timing of the NCAA
Men's Basketball Tournament, which were this year held in the first quarter.

Television revenues alone
for the quarter fell 4 percent to $2.2 billion, with an operating income of
$506.1 million, 3 percent up on last year. Advertising revenues decreased 11
percent from the same prior-year period, and television license fees decreased
8 percent principally due to the absence of the 2006 domestic syndication of Without
A Trace. Home entertainment
revenues increased $83.4 million over the second quarter of 2006.

Radio revenues fell 11
percent to $463.4 million and operating income was down 18 percent to $179.4
million. Outdoor revenues gained 4 percent to $554.2 million, delivering an
operating income of $115.3 million, reflecting a 7-percent gain. And in
publishing, revenues grew 14 percent to $200.3 million, while operating income
was up to $18.1 million.