CBS revenue hurt by loss of NCAA basketball semis


CBS Corp, owner of the most-watched U.S. television network, reported a 5.3 percent fall in quarterly revenue as the loss of rights to broadcast the semifinals of the NCAA college basketball tournament led to a drop in advertising revenue.

Net income from continuing operations fell to $418 million in the second quarter ended June 30, from $435 million a year earlier.

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On a per share basis, net earnings from continuing operations rose to 72 cents from 70 cents due to a fall in the number of outstanding shares.

Revenue fell to $3.19 billion from $3.37 billion.

The company raised its share repurchase program to $6 billion from $3 billion. (Reporting by Abhirup Roy in Bangalore; Editing by Sriraj Kalluvila)