NEW YORK (TheStreet) -- Shares of CBS Corp. (CBS) are up 2.38% to $53.75 in pre-market trade after the broadcaster reported third-quarter results that beat analysts' forecasts, and said it would supply Sony Corp. (SNE) with shows for a planned Web-based TV service, Bloomberg reports
CEO Leslie Moonves said he'll supply Sony with programs for a Web-only TV service. Moonves has cut out the middlemen and gone straight to consumers. The company wants to deliver news and hit series like "NCIS" to the growing market of young people who watch video on phones and tablets, without undermining the $104 billion TV industry, Bloomberg noted.
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About 15 million U.S. TV households don't subscribe to pay television. Viacom (VIAB) which like CBS is controlled by 91-year-old billionaire Sumner Redstone, has also said it will sell shows to Sony.
At CBS, profit was up to 74 cents a share, excluding item, beating the 73-cent average of 24 analysts' estimates compiled by Bloomberg. Revenue increased to $3.37 billion, surpassing estimates of $3.32 billion.