CBS Corp. said third quarter profit dropped as investments in new series for its linear and digital outlets and costs associated with its pending merger with Viacom Inc. overcame increases in revenue during the period.
The New York owner of the CBS television network and the Showtime premium-cable service is expected to merger with corporate sibling Viacom – both are controlled by the Redstone family through the movie-exhibition company, National Amusements Inc. – in December.
CBS said third-quarter net income came to $319 million, or 85 cents a share, compared with $488 million, or $1.29 a share, in the year-earlier period. CBS’ adjusted profit, came to f 95 cents a share. Revenue rose 1%, to about $3.3 billion.
CBS continues to “increase our investment in our premium content and direct-to-consumer streaming services, which is the cornerstone of our growth strategy,” said CBS CEO Joseph Ianniello, in a prepared statement.
More to come…