Ouch. From Reuters:
NEW YORK (Reuters) – CBS Corp CBS.N reported a massive quarterly loss as the economic crisis and rapidly deteriorating advertising market tarnished the TV and radio broadcaster’s results and prompted it to take a $14.1 billion non-cash charge.
CBS, which also owns film and outdoor advertising businesses, posted on Thursday a third-quarter loss of $12.46 billion, or $18.58 per share, compared with a profit of $343.3 million, or 48 cents a share, in the year-earlier period.
Excluding special charges but including stock-based compensation expenses, CBS earned 40 cents per share, which was in line with analysts’ expectation, according to Reuters Estimates.
Normally I don’t find boilerplate earnings text like “excluding special charges, CBS earned 40 cents per share” bothersome, but when the special charge is $14.1 *billion* it just seems wacky.
If only they hadn’t cancelled Moonlight!
very well played.
LOL!
Moonlight??! I’m still salty over them canning Threshold.
But seriously, what’s a moonlight? ^.^
If they hadnt cancelled shows like Moonlight, Swingtown and Jericho the losses would have been higher.
http://www.marketwatch.com/news/story/cbs-swings-125-billion-loss/story.aspx?guid=%7BB8D8BE64%2D6E1C%2D4A88%2DB685%2D05794BF6D864%7D&siteid=yhoof
“Like other large media companies, CBS owns a number of TV and radio stations, which have seen their market values dip well below their book values, requiring CBS to note the discrepancy and write down the difference. ”
The 14 billion is a one time book keeping entry involving lower values on CBS owned assets, which is why the stock is up 5% today. It would be if you had a house in CA you bought for $1,000,000 then it was appraised at $650,000 and you earned $100,000 in wages. So if you said “Im reporting a 2008 net loss of $250,000″. Its not like the $350,000 came directly out of pocket. Its just that its no longer available if you sold. It sounds worse than it is, since eventually the house value will rise again – some day since its just a paper loss. Same deal goes with everyone 401K’s its just a paper loss. Same way it was back in 2000 and in 1987.
MOONLIGHT? Maybe they could get Bruce Willis, Cybill Shephard and Alex O’Loughlin together to brink back MOONLIGHTING – only this time with a vampires. And toss in that woman from UGLY BETTY to replace the old receptionist.
Sounds like something NBC or the CW would try, Thunder Mountain, not CBS.
I wonder how this affects the CW . . . I get the impression Warner Bros. is itching to pull the plug on that network.
SNORT! That’s brilliant, Bill. Maybe that’s why some mid-season shows are being pushed back til 09, the ad sales market seems to be circling the bowl.
Mid-seasons shows are being pushed back till 09 because
ABC saved Scrubs from NBC
Lost will only 17 episodes for season 5 and season 4 started midseason of 2007
24 moved it midseason because of the writers strike
The Bachelor is once a year and it always stars at midseason I think and it only has less than 12 episodes
American Idol always starts at midseason
ABCFanatic you didn’t explain why, you just gave examples.
I don`t think this has anything to do with the performance of ONLY the CBS TV network. It’s more about the CBS conglomerate. All the divisions, not just the TV network.
And I don`t think keeping Moonlight would’ve been of much help. It’ll probably get the same numbers that THE EX LIST gets now.