S&P 500 (NYSE:SPY) component CBS Corporation (NYSE:CBS) reported its results for the first quarter. CBS Corporation is a mass media company with operations in entertainment, cable networks, publishing, local broadcasting and radio. Are We Entering the Golden Era of Media?>>
CBS Earnings Cheat Sheet for the First Quarter
Results: Swung to a profit of $202 million (28 cents/diluted share) in the quarter. The broadcasting company had a net loss of $26.2 million or a loss of 4 cents per share in the year earlier quarter.
Revenue: Fell 0.6% to $3.51 billion YoY.
Quoting Management: “CBS’s first quarter performance demonstrates the extraordinary momentum we have created in our businesses,” said Sumner Redstone, Executive Chairman, CBS Corporation. “Our industry-leading content and multi-platform distribution continue to provide a competitive advantage that fuels our ongoing success. Going forward, I am very confident that the strategies employed by our management team will propel us to even greater heights throughout the rest of the year and beyond.”
Competitors to Watch: The Walt Disney Company (NYSE:DIS), Scripps Networks Interactive, Inc. (NYSE:SNI), Time Warner Inc. (NYSE:TWX), Comcast Corporation (NASDAQ:CMCSA), Cumulus Media Inc. (NASDAQ:CMLS), News Corporation (NASDAQ:NWSA), Radio One, Inc. (NASDAQ:ROIAK), Entercom Communications Corp. (NYSE:ETM), and Entravision Communication (NYSE:EVC)
Stock Performance: Shares of CBS are trading at $26.28 as of May 3, 2011 at 4:45 PM ET, up 4% from today’s closing price of $25.24.