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.
Want Entertainment News First? Sign up for Variety Alerts and Newsletters!
- Petrol Advertising, Burbank, California
- Company Confidential, New York, New York
- Entertainment Partners, New York City, New York
- University of California, Los Angeles, Los Angeles, California
- Drexel University, Philadelphia, Pennsylvania