CNet Helps CBS in Otherwise Dismal Quarter
Revenue at CBS Interactive more than tripled to $186 million in the fourth quarter due in large part to the acquisition of CNet Networks. CBS Corp. acquired CNet last June for $1.8 billion.
Overall, CBS Corp. revenue fell 6% to $3.53 billion. Fourth quarter profit fell 52% on weaker ad sales.
Revenue from the CBS network, local stations and production studio dropped 8% to $2.21 billion. Radio revenue plunged 18%; CBS Outdoor revenue fell 15%.
“We are clearly in the midst of one of the most difficult financial environments in history,” said Sumner Redstone, CBS’s executive chairman who, at 85, was a kid during the Great Depression.
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