CBS Earnings

CBS Corp. said its fourth-quarter loss narrowed on cost cutting and higher advertising at its television and radio stations and broadcast and cable networks.

The company also said it will buy back as much as $1 billion of its stock and suspend its dividend. That is part of CBS’ effort to use cash flow to boost its share price, which has already gained 69% in the last 12 months.

Analysts say the company’s earnings should continue to improve as it rebounds from steep losses in the first two quarters of 1997 and finishes its transformation into a media company from its roots in heavy industry. A good economy, along with the start of the Winter Olympics, should bolster ad sales early this year.

“The radio and TV business environment is very strong, and the first quarter will continue to be strong,” said Mark Greenberg, who manages the Invesco Leisure Fund, which owns CBS shares.

CBS’ loss from continuing operations narrowed to $10 million, or 1 cent a share, from $63 million, or 18 cents, a year earlier.

Revenue rose 45%, to $1.47 billion from $1.02 billion, largely on acquisitions.

CBS in December changed its name from Westinghouse Electric Corp. and moved its headquarters from Pittsburgh to New York.