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CBS PROFITS DECLINE IN FOURTH QUARTER
Published February 9, 1995
Higher program costs and reduced sales at CBS resulted in a drop of 4% in 4thQ profits to $44.5M. For the full year, net income dropped 14% to $281.6M. Sales and income for the year were strong, boosted by a strong performance by "Late Show with David Letterman" and coverage of the '94 Winter Games. CBS struggled in the 4thQ because it had no pro football or baseball broadcasts. CBS shares closed 12.5 cents lower to $62.875 (REUTERS/N.Y. TIMES, 2/9). DILLER: "Widely regarded as one of the hottest pieces of manpower in the entertainment business," Barry Diller is "back in play," according to this morning's WALL STREET JOURNAL. Diller is resigning shortly as CEO of QVC and is "being cagy about his plans." In Hollywood and on Wall Street, "guessing Mr. Diller's next move has become a spectator sport," and many expect him to make "another run" at CBS (WALL STREET JOURNAL, 2/9).