CBS Corp Releases Q4, Full-Year Results

NEW YORK, February 26: For
the fourth quarter, CBS Corporation’s revenues were down 3 percent to $3.76
billion, and net income fell 14.5 percent to $286.2 million, while for the full
year, revenues were relatively stable at $14.1 billion, but profit fell 25
percent to $1.23 billion.

"We finished 2007
with our businesses well poised to increase revenues and profits in 2008 and
beyond," said Leslie Moonves, the president and CEO of CBS Corporation.
"In Television, I'm particularly pleased with the recent resolution of the
WGA strike, which has restored stability to the network season. Meanwhile,
Outdoor and Publishing had exceptionally strong performances for the year, with
Outdoor picking up momentum to deliver a strong double-digit OIBDA gain in the
fourth quarter. Our businesses produced a significant amount of free cash flow
and, during the year, we returned $4 billion of cash to shareholders through a
combination of dividends and share repurchases. At the same time, we used a
prudent portion of our cash to invest in higher-growth properties like the
online social-networking community Last.fm and digital outdoor displays both
domestically and overseas."

The company notes that Q4
and full-year revenues were impacted by television and radio-station
divestitures, the non-renewal of several marginally profitable outdoor transit
contracts, and record political advertising sales in 2006.

Television revenues were
down 4 percent in the quarter to $2.5 billion, and down 2 percent in the year
to $9.3 billion. Operating income for the division, however, gained 7 percent
in Q4 to $451.9 million and 2 percent in the year to $1.7 billion.

—By Mansha Daswani