CBS Inc. said it was profitable in...
CBS Inc. said it was profitable in the fourth quarter but lost $85.8 million for the year because of the advertising slump, intensified competition for viewers and costly sports broadcasting rights.
CBS said it earned $9.4 million, or 61 cents a share, in the three months ended Dec. 31, contrasted with a loss of $156.0 million, or $6.06 a share, a year earlier. The 1990 results reflected a pretax loss of $282 million, or $171.2 million after taxes, on its contract to telecast Major League Baseball games.
Revenue rose 2% to $937.4 million in the quarter from $919.7 million, mostly because the World Series went the maximum seven games last fall, compared to the minimum four in 1990.
For the full year, CBS lost $5.32 a share in 1991 versus a profit of $110.8 million, or $4.30 a share, in 1990.
Revenue for the year fell 7% to $3.04 billion from $3.26 billion a year earlier.
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