CBS Swings to $12.5 Billion Loss

CBS Corp. (CBS Quote) reported a third-quarter loss of $12.5 billion, or $18.58 a share, as the media company recorded a $14 billion impairment charge in the period.

On an adjusted basis, earnings from continuing operations were $290.3 million, or 43 cents a share, compared with year-earlier earnings of $357.8 million, or 50 cents a share. Analysts surveyed by Thomson Reuters expected earnings of 40 cents a share.

Revenues in the third quarter rose 3% to $3.38 billion from growth in syndication revenues, driven by the domestic cable syndication sale of television show "CSI: New York," and the acquisition of CNET Networks, partially offset by lower advertising revenue.

CBS said it expects full-year operating income before depreciation and amortization and operating income to decline by a mid-teens percentage from a year earlier because of lower advertising revenue.