CBS Corp. said Thursday that first-quarter net income was $394 million, or 78 cents a share, compared with $468 million, which also amounted to 78 cents a share, for the same period a year ago. Revenue for the television network was $3.5 billion against last year's $3.57 billion. Income came in ahead of the 75 cents forecast from analysts polled by FactSet. Revenue also beat views, as it was predicted to reach just under $3.45 billion during the quarter. Earlier in the day, CBS Executive Chairman Sumner Redstone issued a statement saying he would continue to make corporate decisions until his death, after which a group of seven trustees will make fiduciary decisions regarding the network. CBS shares were up 1% to $61.85 in after-hours trading.
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