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CBS Corp. on Thursday reported a 96% drop in second-quarter profit as revenue fell 11% amid advertising woes due to the recession.
But company CEO Leslie Moonves said in its earnings conference call that the ad market improved in the second quarter and beyond. The ad recovery for CBS’s businesses began in the second quarter and has been “gaining steam in the third,” he said. “Improvement has been very steady and very real.”
Moonves also said the company is close to the finish line in its upfront sales negotiations.
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