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Current DateTime: 04:36:18 11 Feb 2012
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Expiration DateTime: 2/11/2012 4:39:14 AM
Media Money Video Gallery
CNBC's Jon Fortt, Julia Boorstin and John Carney compare Apple and Google. This is really about the battle for video, ex...
Sirius, Linkedin and Activision will report earnings. So are the stocks hot or not? CNBC's Julia Boorstin & John Carney ...
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Current DateTime: 04:36:18 11 Feb 2012
LinksList Documentid: 23279714
Expiration DateTime: 2/11/2012 4:39:14 AM

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Current DateTime: 04:36:18 11 Feb 2012
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    • Google vs. Apple 

        CNBC's Jon Fortt, Julia Boorstin and John Carney compare Apple and Google. This is really about the battle for video, explains CNBC's Julia Boorstin.

    • Big Media Names Report Earnings 

        Sirius, Linkedin and Activision will report earnings. So are the stocks hot or not? CNBC's Julia Boorstin & John Carney weigh in.

    • Cisco & News Corp Report Earnings 

        CNBC's Jon Fortt; Shaw Wu, Sterne Agee; and Mark Sue, RBC Capital Markets, discuss Cisco's latest earnings. Also, the update on News Corp's earnings, with CNBC's Julia Boorstin.

    • News Corp Earnings Review 

        Rupert Murdoch just made some big progress in its hacking scandal, which will minimize the embarassing details shared in court, reports CNBC's Julia Boorstin.

    • The Trade on Sprint & Disney Update 

        The Fast Money crew with the trade on Sprint, ahead of its Q4 earnings. Also, CNBC's Julia Boorstin has an update from Disney's conference call, as well as the outlook for ad revenues.

    • Disney Conference Call Update 

        CNBC's Julia Boorstin has the latest details from Disney's conference call, reporting attendance is up at the theme parks, and the company will launch a new broadcast channel in Japan next month.

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Current DateTime: 04:36:18 11 Feb 2012
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Current DateTime: 04:36:18 11 Feb 2012
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Media Money

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Oct.30
4:26 PM ET
Thursday, 30 Oct 2008

CBS' Massive Third Quarter Write Down

Earnings Central
Click for more earnings info

Media Giant CBS swung to a $12.5 billion dollar loss in the third quarter after taking a massive $14.1 billion non-cash charge, for assets and goodwill lost due to the financial crisis.

But CBS [CBS  Loading...      ()   ]shares rose through the day, CBS closing up, investors apparently relieved that CEO Sumner Redstone reiterated that it will continue to pay its dividend.

And Chairman Sumner Redstone said on the post-earnings conference call that his National Amusements theater chain has "no intention" of selling anymore Viacom[VIA  Loading...      ()   ] or CBS shares. Earlier this month Redstone was forced to sell $233 million of the two company's stock to cover an outstanding debt at Redstone's National Amusements. Redstone is currently trying renegotiate the $800 million due at the end of this year.

Now to earnings: CBS TV division managed nearly three percent revenue growth, which is impressive, and its acquisition of CNET provided new Internet ad revenue to offset decline in traditional ads. CBS' radio division posted a 12 percent decline in revenue; CBS is selling some radio stations but Moonves didn't say on what time frame. CBS' billboard business, recently its most reliable growth driver, showed a one percent revenue drop and a 48 percent earnings costs, citing higher costs. Barclays analyst Anthony DiClemente says what he thinks CBS really needs is a new revenue stream, namely affiliate fees from networks.

The question for investors now; how much are these negative factors already priced into the stock?

Video: CBS shares sharply higher today despite its Q3 loss, with CNBC's Julia Boorstin and Porter Bibb, MediaTech Capital Partners; and Larry Witt, Morningstar.

Questions?  Comments? 

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