CBS-TV posts $22 million 2Q loss. (2nd quarter 1997)

Broadcasting & Cable, August, 1997 by McClellan, Steve

But analysts expect network's fortunes to turn around in second half Media segment operating profits at Westinghouse were dragged down by the CBS Television Network, which posted a $22 million operating loss for second quarter 1997, versus an $87 million operating profit in the same quarter a year ago.

Several reasons were cited for the losses, including a smaller purchase price accounting benefit, higher programming costs, lower daytime ratings and the fact that the NCAA men's basketball tournament straddled the first and second quarters this year, analysts said. Advertiser make-goods were said to be a minor factor. Prime time ratings were basically flat in the quarter, according to CBS. Fred Reynolds, Westinghouse chief financial officer,...

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