Cbs Turns Up The Brightness Knob
CBS has put most of the misery of its billion-dollar baseball gamble behind it. On Oct. 14, the company reported its core network operation was "slightly profitable" in the third quarter. The network had been in the red since 1991 because of the ad recession and the cost of writing off its sports contracts. Now, CBS has boosted ad revenue and written off the contracts. Overall, it earned $42.7 million on revenues of $672 million. That's in line with analysts' projections, not counting the $14.5 million CBS earned in capital gains.
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