CBS Corp. takes it on the chin

CBS Corp. takes it on the chin

The weak advertising market brutalized CBS Corp. earnings.

The media company that owns CBS network, television and radio stations and billboards, reported a net loss of $55.3 million for the first quarter of 2009, or 8 cents per diluted share. During the first quarter of last year, CBS mustered net income of $244.3 million, or $0.36 per diluted share.

"It should come as no surprise that our results reflect the economic downturn," said Leslie Moonves, chief executive of CBS, during a conference call with analysts.

But Moonves also echoed comments by Disney chief Bob Iger and News Corp. head Rupert Murdoch about seeing a stabilization in the critical signs of the economy. "We are seeing early signs of improvement in the advertising market both nationally and locally.  It’s premature to call it a full recovery, but the trends are encouraging."

CBS saw its business suffer as the recession drove away advertisers in droves. Revenue dropped 13% to $3.16 billion for the quarter. Analysts had been expecting about $3.26 billion in revenue, according to Thomson Reuters.

Unlike its more diversified competitors, which depend on the more dependable stream of cable affiliate fees, CBS derives fully two-thirds of its revenue from advertising. Its major presence in cable is the premium Showtime Networks.

But that was hardly enough to staunch the bleeding. Television revenues were down 12%; radio revenues were down 29% and outdoor advertising was down 24%.

-- Meg James

 

Susan Boyle to appear on Oprah's show

Internet singing sensation Susan Boyle will appear on Oprah Winfrey's show Monday.

Boyle will appear from her Scottish home, according to a press release from Oprah's show, which airs in Chicago at 9 a.m.

Simon Cowell, a judge on "Britain's Got Talent," will also appear on Monday's "Oprah." He'll be promoting not just Boyle but one of his many reality projects, "America's Got Talent," which returns June 23 on NBC.

The press release says Cowell will "put the rumors to rest" on Oprah's show. What rumors are those? Hmmm. (Verne Gay says he thinks Cowell will address the "Simon's leaving 'American Idol' when his contract is up" rumors.)

The full press release on Boyle's appearance is below.

SIMON COWELL PUTS THE RUMORS TO REST AND SUSAN BOYLE MAKES

HER "OPRAH" SHOW DEBUT ON "THE OPRAH WINFREY SHOW" MONDAY, MAY
11, 2009

-- Both will appear as part of "The World's Got Talent" --

CHICAGO, ILMegaproducer and "American Idol" judge Simon Cowell is
setting the record straight, addressing rumors about his possible departure
from "American Idol" on "The Oprah Winfrey Show" Monday, May 11.  In an
episode packed with incredible talent from around the world, Cowell will also
debut the artists he calls "the next big thing."  Plus, internet sensation
and "Britain's Got Talent" contestant Susan Boyle welcomes our cameras for
a view inside her Scotland home, and makes her "Oprah" show debut.

Also set to appear are China's Jane Zjong, who's topped the charts with a
stunning fifteen number one singles, Germany's "Alex Swings, Oscar Sings"
who will perform live via satellite from Hamburg, a surprising look at
Afghanistan's top talent competition and more. 

"The Oprah Winfrey Show: The World's Got Talent" airs Monday, May 11,
2009 (check local listings). 

Starscope: Arsenal dead and gone
This is a fairy tale. A long, long, long time ago in the land of Nod, there lived a funny Frenchman (who liked small boys, heh heh) with his many mighty men in a shoebox called Highbury. This was in the days before they got buried, when they were flying high; and together with Lehman, Thierry Henry and Patrick Vieira among others, they went on an adventure which they called Â'Unbeaten RunÂ'. But Man U brought an end to all the idiotic chanting of Â'ho, Arsenali, hoÂ' in many bars across the country.
Novelist Arthur Phillips explores a passionate connection forged by music alone
Phillips' 'The Song Is You' is a pas de deux between a young singer-songwriter and the much older man who actively, obsessively inspires her.
Amy Poehler's Fascinating World Of Local Government

Up until last year Amy Poehler was a member of the cast on Saturday Night Live, most famously for doing an impersonation of Hillary Clinton. She is now starring in the NBC sitcom, Parks and Recreation.