Good for a bounce....
Wednesday September 16, 2:02 pm Eastern Time
(Note: this article is ''in progress''; there will likely be an update soon.)
CBSsees improved Q3, with Q4 ''a lot better''
SAN FRANCISCO, Sept 16 (Reuters) - CBS Corp (NYSE:CBS - news) President
Mel Karmazin said Wednesday that he expected the company's third-quarter results to exceed year-ago levels, while
fourth-quarter results would be ''a lot better'' than the third quarter.
During a presentation at the NationsBanc Montgomery Securities investment conference here, Karmazin said he saw no
signs of any slowdown in advertising spending. He also said he thought that CBS's diversified advertising base could give
it an edge over its competitors.
''We have received not one advertiser asking us for release, to cut back. There could be something that would happen
(with the economy), but I'm not seeing any sign of it,'' he said.
CBS Corp., formed in November as its predecessor Westinghouse Electric Corp. divested its industrial assets, reported
an operating loss of $10 million, or $0.01 per share, in last year's fourth quarter. For the second quarter of this year, the
company posted a profit of $4 milion, also $0.01 per share.
CBS is the No. 2-rated television network, but in key demographic groups it ranks fourth, which has caused its
advertising rates to lag those of the other networks.
Karmazin said the company's strategy to close that gap involved improved television programming along with expanding
its advertising sales force.
Although he said the Internet was a factor chipping away at television viewship, Karmazin said CBS's radio and outdoor
advertising businesses gave it somewhat of a hedge.
''You're not using the Internet in your car while you're stuck in traffic, that's why advertisers should be with us,''
Karmazin said.
(Note: this article is ''in progress''; there will likely be an update soon.) |
