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CBS Q1 Profit Rises on Advertising, Cable Fee Revenue

Net earnings totaled $463M, up from $394M in same period a year ago

Broadcaster CBS Corp reported higher profit for the first quarter Wednesday, helped by advertising during February's Super Bowl broadcast and a jump in revenue from cable channels.

Net earnings for the January through March period totaled $463 million, up from $394 million a year earlier, CBS said. Adjusted earnings per share reached 73 cents.

Also read: CBS Q4 Earnings Miss Expectations, Still Set Records

Revenues rose 6 percent to $4 billion, the best since CBS became a stand-alone company in 2006.

"The value of our world-class content clearly continues to rise. In terms of big-event television," said CBS President and Chief Executive Leslie Moonves. "We had tremendous success during the quarter with the Super Bowl, the Grammys, the NCAA men's basketball tournament, and more recently, the Academy of Country Music Awards. And our primetime lineup continues to dominate as well."

More to come …

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