SBD/13/Sports Media

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  • CBS EARNINGS SLIP IN THIRD QUARTER

         CBS Inc. reported a "sharply lower" third-quarter net income
    of $58.4M, of 77 cents a share.  CBS attributed the decline
    "mainly to higher taxes and a one-time gain in 1993's third
    quarter."  David Londoner, an analyst at Wertheim Schroder & Co.,
    said the results were in line with his expectations "because so
    much of the year-earlier profit came from a variety of
    nonrecurring items."  CBS stock fell 9 1/2 points to close at
    329.50.  The CBS TV Network reported lower operating income, but
    CBS Sports had a higher operating income due to the absence of
    football and baseball in '94, resulting in lower costs (Elizabeth
    Jensen, WALL STREET JOURNAL, 10/13).  The drop in stock price
    "wiped out most of the gain of $11.75 that shares of CBS had
    posted on Monday and Tuesday, after unconfirmed reports" had CBS
    Chair Laurence Tisch in discussions with QVC's Barry Diller about
    Diller running the network.  On the positive side, CBS said ad
    sales at O&O's in L.A., Chicago and Miami rose by more than 10%
    (Susan Antilla, N.Y. TIMES, 10/13).
         ABC'S DEAL WITH THE SEC:  As expected, ABC retained the
    rights to the SEC college football championship playoff, in a 5-
    year, $20M deal for 1996-2000.  The deal, completed late Monday
    during ABC's exclusive negotiating period, is a 122% increase
    from ABC's $1.8M annual contract ending in '95. CBS has the
    rights, beginning next year, to SEC regular season games (Rudy
    Martzke, USA TODAY, 10/13).
    

    Print | Tags: ABC, CBS, Media, Viacom, Walt Disney
  • MEDIA NOTES

         Mutual Sports Dir Larry Michael says the radio network
    landed rights to the '96 Olympics (USA TODAY, 10/13).... Times
    Mirror Co. said it settled "extensive shareholder litigation that
    threatened to block" the pending $2.3B sale of its cable-TV
    operation to Cox Enterprises (WALL STREET JOURNAL, 10/13)....Web
    Broadcasting Systems, Inc., in conjunction with SportsTicker, has
    announced the creation of Web SportsNet, a national videotex and
    graphics sports news and info service for arenas, stadiums and
    their luxury boxes, hotels, race tracks and casinos
    (SPORTSTICKER).... Sammons Communications Inc., a closely held
    cable-TV operator serving 1.1M subscribers, said it is seeking a
    buyer for its cable systems.  A sale of Sammons could approach
    $2B (WALL STREET JOURNAL, 10/13).
    

    Print | Tags: Media
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