BREAKING NEWS

MTV owner CBS misses quarterly revenue estimates

MTV owner CBS misses quarterly revenue estimates
The CBS Television Center is seen in Los Angeles, California, U.S., August 7, 2019. REUTERS/Lucy Nicholson -
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LUCY NICHOLSON(Reuters)
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(Reuters) – CBS Corp <CBS.N> missed Wall Street estimates for quarterly revenue on Tuesday, sending its shares down nearly 2% in premarket trading.

The media company reported a net earnings of $319 million, or 85 cents per share, in the third quarter ended Sept. 30, down from $488 million or $1.29 per share, a year earlier.

The owner of popular television channels such as Nickelodeon and MTV posted a 1% rise in revenue to $3.30 billion, but missed analysts’ average estimate of $3.36 billion, according to IBES data from Refinitiv. [nPn71wrzRa]

(Reporting by Ambhini Aishwarya in Bengaluru; Editing by Sriraj Kalluvila)

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