CBS Radio Revenue Declines 5%

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CBS Corporation reported strong revenue growth in Q4 of 2015. Profits fell by 37% because the company took a big charge to write down the value of some of its radio stations, “to reduce the carrying value of radio FCC licenses to their fair value.” Revenue at CBS’ radio stations was down 5% in Q4, blamed on “continued softness in the radio advertising marketplace and lower political advertising.”

For the quarter that ended December 31, total revenue at CBS was $3.91 billion up from $3.68 billion (analysts had expected $3.8 billion). CBS reported a profit of $261 million, or 55 cents a share, down from $413 million, or 79 cents a share, a year earlier. Profit was affected by a $484 million impairment on radio FCC licenses and a gain from the sale of an Internet business.

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