CBS Has 22% Drop in Profits

CBS Inc. said today that its second-quarter profit fell 22% from a year ago on a 4% gain in revenue. The company, currently the target of a hostile takeover bid by Atlanta broadcaster Ted Turner, said its net income for the three months ending June 30 totaled $69.3 million, or $2.33 a share, compared to $88.6 million, or $2.98 a share, in the same period a year ago. The company blamed its poor profit performance on costs associated with the disposal of its musical instruments operations, which were discontinued in 1984.