CBS, owner of the most-watched U.S. TV network, reported quarterly revenue slightly below analysts' estimates due to lower advertising sales and content licensing fees.
The company, which owns cable channel Showtime and CBS Sports Networks, radio stations and the Simon & Schuster publishing house, said results were hit by nonrenewal of a sports contract and lower pay-per-view revenue, among other things.
Advertising revenue, which accounted for about 45 percent of its total revenue in the latest quarter, fell 4.3 percent.
The company is trying to rely less on its advertising revenue, which can be volatile due to its dependence on popular sporting or political events, and is focusing more on its online subscription streaming services such as CBS All Access.
CBS, home to shows such as "Homeland", "The Affair" and "NCIS: New Orleans", said revenue from affiliates and fees from subscription together rose 9.2 percent in the third quarter.
However, total revenue fell 3.3 percent to $3.26 billion, narrowly missing analysts' average expectation of $3.27 billion, according to Thomson Reuters I/B/E/S.
Net income from continuing operations rose to $426 million, or 88 cents per share, in the third quarter ended Sept 30, from $72 million, or 13 cents per share, a year earlier. 1/8ID:nPn9nBTGk
Analysts on average had estimated earnings of 81 cents per share.
Up to Tuesday's close of $48.24, shares of the company have fallen about 13 percent this year. They were mostly flat after the bell.