CBS Corp. on Aug. 7 reported a year-over-year drop in second-quarter net earnings to $58 million, or 14 cents per share, from $423 million, or 93 cents per share, in the comparable 2016 period. Results reflected a noncash charge of $365 million in discontinued operations to reduce the carrying value of CBS Radio to the value indicated by the stock valuation of Entercom Communications Corp.
Entercom Communications earlier this year agreed to combine with CBS Radio in a pending tax-free merger. CBS Radio is currently classified as held for sale by CBS Corp.
The second-quarter S&P Capital IQ consensus estimate for GAAP EPS at CBS Corp. was 98 cents.
CBS' revenue for the second quarter was $3.26 billion, up from $2.98 billion a year earlier.