Jim Cramer's Thoughts on CBS Earnings and its Merger With Viacom

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CBS reported adjusted earnings for the three months ending in September came in at 95 cents per share, down 23.4% from the same period last year but 3 cents ahead of the Street consensus forecast. Group revenues, CBS said, rose modestly from last year to $3.3 billion, just shy of analysts' estimates of a $3.58 billion tally.

"We delivered record third-quarter revenues as we continue to increase our investment in our premium content and direct-to-consumer streaming services, which is the cornerstone of our growth strategy," said acting CEO Joe Ianniello. "During the quarter, our direct-to-consumer revenue from CBS All Access and Showtime OTT grew 39% from last year, driven by a strong slate of original programming."

Watch the full video above for Cramer's take. 

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