• Mediaweek, Friday, August 4, 2006 1 PM

A drop in business at CBS Radio and the shutdown of UPN dragged the company's revenue down 1 percent to $3.48 billion in the second quarter, reports Mediaweek--although other divisions at the media giant fared better. While total TV revenue was off a point to $2.26 billion, the TV station group was up 5 percent, and looks to get a bounce from political ad spending as the general election nears. Outdoor was the standout performer for CBS, rising 7 percent. "Suffering from a soft ad market and recovering from a Howard Stern hangover, CBS Radio is getting a lot of attention," says Les Moonves, CEO of CBS. Says Moonves: "We continue to seek an aggressive turnaround. With "Opie & Anthony," we're getting the ratings back and we're beginning to monetize it. We're getting out of slower growth markets and exploring the divestiture in 10 smaller markets," he says. "Our head count reduction will help reduce our cost structure to maximize our performance."

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