Cbs Makes Strong Comeback
CBS Corp. reported on Wednesday that its net income rose in its fourth quarter to $283 million, up a whopping 381 percent from the $58.8 million it reported during the comparable quarter a year ago. In a conference call, CBS CEO Les Moonves said that the principal spur to the rise was revenue from its local owned-and-operated TV stations, which benefited from a flood of cash for political ads and returning auto advertising. But all units of the company reported substantial gains, including the long-struggling radio unit, which posted a 14 percent boost during the quarter. The television network performed so well that few of its programs need to be replaced next season, Moonves said. "Next season we could almost play a pat hand," he said --- something that could be of consequence during the current period, when networks begin spending big on development and marketing. However, Moonves noted, "We don't let shows age and just hang around because that's all we've got."