• April 26, 2006

In its first quarterly earnings release following its spin-off as an independent publicly held company, CBS cited weak radio advertising results as a major contributor to modest revenue growth during the first quarter of 2006. "Radio, which has extremely valuable assets, is our one segment that is not yet achieving acceptable growth," stated CBS President-CEO Leslie Moonves, adding, "We have implemented a number of recent initiatives to change that,," including new radio programming formats. "And we believe this week's announcement to add a powerful new morning show will greatly improve the performance of our drive-time programming in the nation's largest east-coast markets. We're going to continue to invest in the best programming and marketing, and actively adjust our portfolio to maximize radio's growth potential." CBS said reported revenues rose 4 percent to $3.6 billion during the quarter, led by a 5 percent grown in TV, a 5 percent growth in outdoor, and a 12 percent growth in parks and publishing, but reported a 6 percent decline in radio revenues.