• by Wayne Friedman , August 1, 2008

CBS Corp.'s financial results inched up in the second quarter--helped in large part from improved TV revenues, and in particular, strong results from TV syndication license fees.

Overall, CBS edged ahead 1% in revenue to $3.4 billion and 1% in net income to $408 million versus the same period in 2007.

Television revenues increased 2% to $2.20 billion, with 35% increases in license fee revenues coming from its syndication properties. CBS dominates U.S. television syndication, grabbing anywhere from seven to eight of the top 10-rated shows in a given week.

But the news wasn't all good.

CBS' TV advertising revenues dropped 6% due to continued weakness in the marketplace, as well as lower prime-time ratings versus a year ago. CBS said some of this was offset by the semifinals of the NCAA Men's Basketball Tournament, which aired in the second quarter of 2008 versus the first quarter of 2007.

Television operating income before depreciation and amortization (OIBDA) decreased 10% to $495.6 million during the period.

CBS' radio division continued to be its rough ride. Revenues dropped 10% to $416.4 million, while operating income fell 16% to $150.7 million. CBS blamed lower advertising sales and the absence of profits from divested stations. CBS also announced that it would sell 50 mid-sized radio stations so it can focus on its big-market radio stations.

The company's outdoor business continued to thrive. Revenues climbed 8% to $598.1 million. But higher transit and billboard lease costs, and non-renewal of contracts in Toronto and San Francisco, pushed down OIBDA 12% to $126.7 million and 18% lower in operating income decreased $79.7 million.

For its publishing business, revenues declined 7% to $186.0 million. 2008 titles, including "The Broken Window" by Jeffery Deaver and "Chasing Harry Winston" by Lauren Weisberger, did not match revenues of the prior year from titles "Blaze" by Stephen King writing as Richard Bachman, and "The Secret" by Rhonda Byrne.