CBS Posts $114-Million Loss

CBS Inc., which is laboring under the debt it assumed to foil cable entrepreneur Ted Turner’s takeover bid, today reported a third-quarter net loss of $114.1 million, compared with a profit of $48.8 million a year earlier.

Thomas Wyman, chairman and chief executive officer, detailed the losses from assets the company has sold thus far to lighten a debt burden in excess of $950 million, and said a “second phase” of asset sales over the next year “is expected to generate substantial additional cash and to result in net gains.”