CBS Corp. Profit Rises - Quick Facts

(RTTNews) - CBS Corp. (CBS) (CBS-A) Wednesday reported third-quarter net income of $494 million or $0.80 per share compared with $391 million or $0.60 per share last year.

Revenues for the quarter were up 11% at $3.6 billion compared with $3.27 billion in the prior year.

Content licensing and distribution revenues grew 18%, led by domestic licensing revenues from the first-cycle availabilities of NCIS: Los Angeles and The Good Wife.

Advertising revenues rose 4% on the strength of network advertising, which grew 13%.

Affiliate and subscription fee revenues climbed 23%, mainly due to the benefit from a Floyd Mayweather pay-per-view boxing event, as well as steady growth from retransmission revenues and fees from CBS Television Network-affiliated television stations.

On September 30, the company completed the sale of its outdoor advertising business in Europe and Asia for $225 million. This deal resulted in a gain of $147 million.

The gain was partly offset by an after-tax charge of $110 million associated with the exiting of an unprofitable contractual arrangement and the estimated fair value of guarantees.