CBS Radio Q3 Revenue Down 5%

CBS Corporation reports a 2% increase in third quarter revenue, rising from $3.37 billion to $3.42 billion. While the Local Broadcasting division managed a 1% gain, it was the result of a TV revenue gain -- and that was offset by a decline in radio revenue.  Local Broadcasting Q3 revenues were up to $661 million.  CBS TV Station revenues rose 7% year-to-year, thanks to political advertising and retransmission revenues, while CBS Radio revenues were down 5%.  Says CBS Corp Executive Chairman Sumner Redstone, "CBS has continued its remarkable run with yet another record quarter.   Our world-class content and multi-platform distribution strategy remain at the center of our success. I am very proud of all that Leslie [Moonves] and his team have accomplished, and I know we are in position for continued growth for many years to come."  President and CEO Les Moonves adds,  "The transformation of CBS continues as reflected in these record third-quarter results.  We have taken a number of significant steps during the last several months to execute our strategy and grow the company."