MEDIA

Westinghouse Posts Drop in Profit: The Pittsburgh-based firm said its fourth-quarter profit tumbled 49% because of a decline in its power-generation business and interest costs from its acquisition of CBS Inc. The lower-than-expected results included 37 days of earnings from CBS, which Westinghouse Electric Corp. bought for $5.4 billion in November to make itself the biggest U.S. broadcasting company. The company wrapped up an unprofitable year that was marked by disappointing earnings in each quarter, the firing of more than 2,600 employees and the sale of some industrial businesses as Chairman and Chief Executive Michael Jordan steered the struggling company in a new direction. Westinghouse said its profit from continuing operations fell to $46 million, or 10 cents a share, from $91 million, or 20 cents, in the year-earlier quarter.