CBS Sees Q3 Profit Drop on Increased Investment in Programming

<!–CBS Sees Q3 Profit Drop on Increased Investment in Programming – Variety

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November 12, 2019 5:13AM PT

CBS Corp. said third quarter profit dropped as investments in new series for its linear and digital outlets and costs associated with its pending merger with Viacom Inc. overcame increases in revenue during the period.

The New York owner of the CBS television network and the Showtime premium-cable service is expected to merger with corporate sibling Viacom – both are controlled by the Redstone family through the movie-exhibition company, National Amusements Inc. – in December.

CBS continues to “increase our investment in our premium content and direct-to-consumer streaming services, which is the cornerstone of our growth strategy,” said CBS CEO Joseph Ianniello, in a prepared statement.

More to come…

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