CBS third-quarter revenue, profit tops estimates 


An investigation into the allegations against Moonves and the culture of CBS by two law firms, Covington & Burling and Debevoise & Plimpton, continue.

However, CBS said affiliate and subscription fees revenue which includes revenue from cable and satellite TV operators and online streaming providers, including its own All Access offering fell 12 percent to $1.01 billion.

Net income from continuing operations rose to $488 million, or $1.29 per share, in the quarter ended Sept. 30, from $418 million, or $1.03 per share, a year earlier.

On an adjusted basis, the company earned $1.24 per share. Total revenue rose 3 percent to $3.26 billion, beating Wall Street expectations of a profit of $1.22 per share on revenue of $3.24 billion, according to IBES data from Refinitiv.

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