Nov. 5 (Bloomberg) -- CBS Corp., owner of the most-watched U.S. television network, reported third-quarter profit of $207.6 million, beating analysts’ estimates on higher sales of reruns and daytime programs.

Net income of 30 cents a share compared with a loss of $12.5 billion, or $18.58 a share, a year earlier, when the company wrote down radio and TV stations, New York-based CBS said today in a statement. Excluding some items, profit totaled 39 cents, compared with the 23-cent average of 19 analysts’ estimates compiled by Bloomberg.

Chief Executive Officer Leslie Moonves is leading the industry in obtaining retransmission fees from cable and satellite TV systems. They may amount to as much as $200 million by 2012 or 2013, he said in September. CBS gets almost two- thirds of sales from advertising. News Corp. CEO Rupert Murdoch is pursuing similar payments for Fox.

“They do have some new revenue streams, or growing revenue streams, including retransmission fees at their stations group,” Michael Morris, a UBS AG analyst based in New York, said in a Bloomberg Television interview before the results. “The growth in some of these subscriber fees will continue to bolster that stable cash flow stream for them,” said Morris, who recommends buying CBS shares.

Revenue fell less than 1 percent to $3.35 billion, beating estimates of $3.2 billion. Advertising sales slid 5 percent while television license fees gained 36 percent on revenue from shows including “Medium” and “Criminal Minds.”

CBS reaffirmed its forecast for 2009 operating income before interest, depreciation and amortization of $1.73 billion to $1.93 billion.

CBS, also the owner of radio stations, billboards and the Showtime cable network, rose 23 cents to $13.02 in extended trading. It gained 89 cents to $12.79 at 4:15 p.m. in New York Stock Exchange composite trading. The company, controlled by Chairman Sumner Redstone, has gained 56 percent this year, compared with an 18 percent gain for the Standard & Poor’s 500 Index.

To contact the reporters on this story: Andy Fixmer in Los Angeles at afixmer@bloomberg.net; Sarah Rabil in New York at srabil@bloomberg.net.

Last Updated: November 5, 2009 16:18 EST