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At CBS, Radio Revenue Is Off

At CBS, Radio Revenue Is Off

CBS reported a 26-percent rise in third-quarter profit from continuing operations driven by growth in outdoor advertising sales. But revenue and profits declined at its radio stations, Reuters reported.
The company posted a profit from continuing operations of $323.6 million, or 42 cents per share, up from $256.9 million, or 33 cents per share, a year earlier. Revenue rose to $3.38 billion from $3.37 billion. CBS reported a net profit of $316.9 million, or 41 cents per share, down from $708.5 million, or 90 cents per share, a year earlier, when it was a part of Viacom.
Radio sales fell 6 percent to $508.1 million as the firm sought to restructure programming at 27 stations and thanks to a weaker advertising environment. The company also recently eliminated 100 positions.