CBS 1Q earnings rise despite lower ad sales
NEW YORK (AP) — CBS's first-quarter net income rose 6 percent despite an advertising downturn that the television network blamed on the loss of some sports programming.
CBS says its first-quarter advertising sales dropped 12 percent largely because it didn't have the rights to show the Super Bowl this year as it did in 2013. The network also broadcast two fewer games during the NCAA men's basketball tournament than it did last year.
The company earned $468 million, or 78 cents per share, during the first three months of the year. That compares with $443 million, or 69 cents per share, last year.
Revenue fell 5 percent to $3.86 billion.