April 26 (Bloomberg) -- CBS Corp., owner of the most-watched U.S. television network, said first-quarter profit was little changed as gains in the TV business offset a decline in radio revenue spurred by the departure of shock-jock Howard Stern.

Profit from continuing operations was $226.9 million, or 30 cents a share, compared with $225 million, or 28 cents, a year earlier, the New York-based company said today in a statement. Sales rose 3.9 percent to $3.58 billion.

CBS will consider selling some radio stations after sales in the business slipped 6.1 percent and trailed analysts' estimates, Chief Executive Officer Leslie Moonves said on a conference call. Ratings fell as listeners switched to satellite radio and digital devices such as iPods. Higher-than-expected sales from the television unit countered the radio shortfall.

``Radio was weaker than expected because the poor ratings had a more immediate effect on revenue than we expected,'' said David Joyce, an analyst with Miller Tabak & Co. in New York. He rates the shares ``buy'' and said he doesn't own them. ``TV is still cranking along.''

CBS, created this year when Viacom Inc. split off its slower-growing TV and radio units, beat analysts' estimates. Citigroup's Jason Bazinet expected profit of 29 cents a share on sales of $3.59 billion.

Analysts on average expected profit of 28 cents a share, according to the average of 14 estimates in a survey by Thomson Financial. Sales estimates averaged $3.51 billion. Thomson doesn't disclose what costs are excluded from its estimates.

Shares of CBS slipped 22 cents to $25.15 at 4:01 p.m. in New York Stock Exchange composite trading. The stock has increased 4.6 percent this year.

Sixteen analysts suggest buying the shares, eight recommend holding them and two have ``sell'' ratings.

Radio Slump

CBS reiterated its forecast for ``low single-digit growth'' in sales and ``mid single-digit growth'' in operating income in 2006. The outlook excludes the impact of expensing stock options.

The company will consider selling some radio stations ``if it makes sense,'' Moonves, 56, said on the call. CBS will focus on its largest markets and fastest-growing stations, he said.

Sales at CBS radio fell to $434.5 million, missing a forecast of $441 million from Goldman, Sachs & Co. analyst Anthony Noto. The ratings at CBS's radio stations slumped 6 percent in December through February, Noto said.

Advertisers are leaving radio because the shows are having trouble competing with the Web and satellite radio, said Fred Moran, an analyst at Stanford Group Co. in Boca Raton, Florida. He rates the shares ``hold'' and doesn't own them.

`Opie & Anthony'

CBS, which lost Stern to Sirius Satellite Radio Inc. in January, today began airing the ``Opie & Anthony'' show. The program replaced rock-and-roll star David Lee Roth after less than five months on the job.

The addition of ``Opie & Anthony'' will improve sales at the company's biggest stations on the East Coast of the U.S., Moonves said.

Revenue from broadcast TV, CBS's biggest division by sales, rose 5 percent to $2.52 billion from the syndication of shows such as ``Frasier.'' Noto expected sales of $2.48 billion.

The unit faces pressure from a 2 percent decline in household ratings this season, which began in September, Noto wrote in a note yesterday. Crime-drama ``CSI: Crime Scene Investigation'' lost viewers, according to New York-based Nielsen Media Research.

Sales at the company's outdoor advertising division rose 5.4 percent to $452.2 million. The theme parks and publishing unit, which owns publisher Simon & Schuster, increased sales 12 percent to $187.5 million.

To contact the reporter on this story: Aimee Picchi in New York at apicchi@bloomberg.net.

Last Updated: April 26, 2006 16:26 EDT