CBS quarterly earnings drop; TV, radio off

August 01, 2007 CBS Corp. on Tuesday reported a 48% decrease in second-quarter profit and a 3% revenue slip, but adjusted for various items, including year-ago gains from asset sales, its profit rose 9%. Confronted with persistent market talk about a possible privatization of his two companies, CBS Corp. and Viacom Inc. chairman Sumner Redstone told analysts in a conference call Tuesday that he likes both "the way they are," adding that "there is an enormous amount of growth in them." Moonves also played down the digital contributions, saying he is "still very bullish on the power of network TV," which provides the "bulk of money" for CBS Corp. Digital growth is more an evolution than a revolution, he said.

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