CBS reports sharply higher profits in the first quarter as revenue losses were offset by much lower expenses associated with March Madness.
Net earnings were $202 million, or 29 cents a share, up from $34 million, or 5 cents a share a year ago.
Revenues were $3.51 billion, down 1% from a year ago, when CBS carried the Super Bowl. Last year, CBS also carried the NCAA Men's Division Basketball Championship exclusively. This year it split revenues with Turner Sports, an arrangement CBS said was more profitable this quarter. CBS said these two items affected were worth 10 percentage points in comparing revenue year over year.
CBS's cable network group posted a 5.1% increase in operating income to $153 million, reflecting revenue growth of 7% to $393 million and the timing of certain programming costs.