CBS Corp. saw its profit all but wiped out in the second quarter, as the recession continued to eat into advertising revenue across its TV, radio and outdoor-billboard businesses.
The New York media company relies heavily on advertising, especially at its broadcast-TV network. Television ad revenue fall 13% in the quarter, to $1.15 billion, from a year earlier, even though CBS has been the only one of the four biggest U.S. TV networks to increase its prime-time audience this season.
Ouch.