CBS Corp fell short of Wall Street estimates for third-quarter revenue on Tuesda...
Shares of CBS and sister company Viacom Inc were down more than 3% in morning trading.
Sales from advertising, which was also hurt by the timing of the broadcast of certain sporting events, fell 6.8% to $1.18 billion in the quarter from a year earlier. The year-ago period was boosted by the 2018 U.S. midterm elections related ads. CBS is in the process of re-uniting with Viacom to create a larger multi-platform content company and re-make media mogul Sumner Redstone’s U.S. entertainment empire at a time of intensifying streaming wars. The merger would bring in an expansive slate of over 3,600 movies and 140,000 television episodes for ViacomCBS Inc.
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