Broadcasting giant CBS Corp. reported 7% lower second-quarter profit due to softer advertising sales, including at its marquee CBS broadcast network, and lower program licensing fees.
For the quarter ended June 30, CBS reported net income of $439 million, or 76 cents a share, compared to $472 million, or 76 cents, for the year-earlier period.
CBS beat Wall Street's earnings expectations. Analysts had been expecting profit of about 71 cents a share.
Revenue slipped 5.4% to $3.2 billion.
Industrywide, television ad sales slowed during the second quarter, and even the top-ranked CBS network was not immune. CBS broadcasts “Big Brother,” “NCIS”...