CBS Reports 63% Plunge In Earnings

Hammered by losses stemming from their baseball rights contract, CBS Inc. reported a 63% earnings plunge for the year and a $156 million fourth-quarter loss. Net earnings dropped to $110 million ($4.30 a share) from $296.3 million ($11.51) for the year ended Dec. 31. Revenue rose 10% to $3.26 billion from $2.96 billion. For the quarter, CBS lost $156 million ($6.06 a share) compared to net income of $59.5 million ($2.31) last year. Revenue jumped 6% to $919.7 million from $865.8 million.

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