4Q Cash Flow Up 14% at CBS

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New York -- CBS Corp. lost about $1 million in the fourth
quarter ended Dec. 31, but revenue and cash flow were up mainly due to increases in the
company's television segment, which includes broadcasting and cable operations.

CBS reported revenue of $1.8 billion for the quarter, up 22
percent from the previous year. Cash flow -- earnings before interest, taxes, depreciation
and amortization -- for the quarter, excluding certain charges, was $305 million, an
increase of 14 percent compared with the same period last year.

For the year ended Dec. 31, revenue was $6.8 billion, a 27
percent increase over 1997, and losses from continuing operations were $12 million, or 2
cents per share, compared with a loss of $131 million (24 cents) in 1997. Cash flow rose
42 percent to $1.1 billion.

Revenue rose by 15 percent to $1.2 billion at the company's television unit. That
growth was driven by the company's National Football League games.

Cash flow at the television segment declined 25 percent for
the quarter to $108 million, excluding losses of about $16 million from operations for its
divested cable businesses. However, the company said, the decline was due to lower
syndication revenue from the sale of CBS off-network programming and lower profits on
non-NFL sports programming.

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