Profit Dips at CBS Corporation

NEW YORK, May 3: CBS Corporation’s profit for the first
quarter of this year fell 6 percent to $213.5 million, mostly as a result of
weaker results at its radio division.

The company recorded revenues of $3.7 billion, a 2-percent
gain on the year-ago period; with growth of 2 percent in the TV segment, 27
percent at publishing and 2 percent at outdoor partially offsetting a 9 percent
fall in the radio stations.

Television revenues were $2.6 billion, with an operating
income of $350.1 million, down 9 percent on last year. The segment recorded
growth in advertising revenues, home entertainment revenues and affiliate fees,
but a decline in television license fees. Advertising revenues increased 9
percent over 2006. Home entertainment revenues increased by $21.1 million.
Affiliate fees increased 5 percent reflecting rate increases and subscriber
growth at both Showtime and CSTV Networks. Television license fees decreased 31
percent principally due to the absence of the 2006 basic cable availability and
off-network syndication sale of Frasier.