It takes a lot of digging to find the radio results when CBS Corporation holds its quarterly earnings calls. The company is all about TV and hopeful that radio is soon in its rear-view mirror, as Entercom gets set to take over the CBS stations. Revenue at CBS Radio stations dropped from $262 million in Q1 of 2016 to $250 million in 2017.
CBS Corporation reported a net loss of $252 million for the first quarter of 2017 compared with net earnings of $473 million for the same prior-year period. The net loss for the first quarter of 2017 included a noncash charge of $715 million in discontinued operations to establish a valuation allowance to adjust the carrying value of CBS Radio to the value indicated by the stock valuation of Entercom.
Check out the full CBS Corporation earnings press release HERE.