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CBS earnings boosted by political ads, billboard unit spinoff
CBS earnings boosted by political ads, billboard unit spinoff

CBS Corp. surpassed Wall Street projections when it reported third-quarter results that were aided by political advertising and the spinoff of its billboard unit. The New York broadcasting giant reported a profit of $1.64 billion, or $3.03 a share, up from $494 million, or 80 cents, in the year-earlier period. The big year-over-year jump was the result of a $1.56-billion gain after the company split off its billboard business, formerly known as CBS Outdoor. Excluding the gain from CBS Outdoor and other one-time items, CBS posted a profit of 74 cents a share. Analysts had predicted earnings of 73 cents a share from continuing operations. Meanwhile, revenue increased 2% to $3.4...

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