CBS records $9B loss on TV, radio charges

CBS Corp. reported a loss of $9.1 billion in the fourth quarter on hefty charges to write down the value of its radio and television businesses, the media company reported Thursday.

CBS was reporting earnings for the first time as a separate company since its separation from Viacom Inc. was completed at the beginning of the year. CBS reported the fourth quarter as if it were already a separate entity.

On that basis, CBS had a net loss amounting to $6 per share for the three months ended Dec. 31, weighed down by charges to write down the fair market value of its radio and television properties. The valuations of radio stations in particular have suffered in recent years due to stagnant revenues and higher costs.

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