• by Gavin O'Malley  @mp_gavin, August 7, 2009

Leaving aside its acquisition of CNET, CBS Interactive's second-quarter revenues decreased 8% year-over-year, the company reported Thursday. Reflecting the acquisition, quarterly interactive revenues increased to $126.4 million from $40.2 million for the same quarter last year.

Interactive OIBDA of $5.7 million for the second quarter of 2009 increased from a loss of $16.8 million for the same prior-year period, primarily because of the acquisition of CNET.

The company's Interactive division, however, reported an operating loss of $14.1 million for the second quarter versus an operating loss of $21.3 million for the same quarter last year, due to a depreciation and amortization expense associated with higher fixed and intangible asset balances as a result of buying CNET.

Overall for the second quarter, CBS reported net income of $15.4 million, or 2 cents a share -- down about 96% from $408 million, or 61 cents a share, a year earlier.

Still, Leslie Moonves, CBS's chief executive, insisted that "early signs of a recovery took hold in the second quarter," as the company results improved from the first quarter when the company posted a $55.3 million loss.

Adjusting for a year-earlier gain from the sale of a stake in the Sundance Channel and other items, the company's earnings fell to 8 cents per share, down from 49 cents per share a year earlier. Quarterly revenue fell 11% to 3.01 billion, due largely to declines at CBS's 29 TV stations and its broadcast network. Television revenue fell 9.9% to $1.95 billion.

To better align existing assets, CBS Corp. formed the CBS Interactive Music Group to bring together CBS's digital music properties -- including CBS Radio's more than 100 music Web sites, online audio streams, and mobile applications -- along with music discovery engine and social network Last.fm.

The combined assets of the newly formed CBS Interactive Music Group reach approximately 40 million unique monthly users worldwide, according to CBS. The CBS Interactive Music Group was designed to complement CBS Interactive's four additional business units that are primarily focused on technology and news, business, sports and games, and entertainment and lifestyle.