CBS Corp. (CBS) increased earnings and revenue in the second quarter, as the company reportedly worked on a merger with Viacom Inc. (VIA) CBS on Thursday reported second-quarter results of $440 million, or $1.17 a share, on sales of $3.81 billion, up from $1.05 a share on revenue of $3.47 billion a year ago. Analysts on average expected CBS to report earnings of $1.12 a share on sales of $3.71 billion, according to FactSet. Shares bounced between slight gains and losses after the results were announced Thursday afternoon. CBS had been expected to report a merger with Viacom Inc. by Thursday afternoon ( ), but reports suggested ( ) the two companies could not complete the deal in time. It is the third time CBS and Viacom have flirted with a merger in the last four years, with talks falling apart in 2018 over who would lead the combined company. The two sides have reportedly agreed on a leadership team ( ) this time.
-Jeremy C. Owens; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 08, 2019 16:17 ET (20:17 GMT)
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