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CBS Radio Q3 Revenue Down 12%

The company has cut 290 radio jobs in the quarter and 480 so far this year.

Revenue at CBS Radio was $393 million in the third quarter, down 12% from the same quarter last year, the company reported Thursday. Earnings were down because of ad weakness and station divestiture.

Radio’s operating income before depreciation and amortization, $139 million, was down from last year’s $170 million.

CBS has cut more than 480 radio jobs this year, with almost 290 of those in the third quarter, according to CFO Fred Reynolds, who said in an earnings call with analysts that the broadcaster continues to review opportunities to lower radio’s overhead and back-room costs.

Overall, CBS Corp. reported a loss of $12.46 billion in Q3 after taking a $14.12 billion charge to write down the value of media assets on its books; the write-down was disclosed previously.

The $12.46 billion loss compares with a profit of $343 million for the same period a year ago.

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