News summary: CBS' 1Q earns top views

News summary: CBS' 1st-quarter revenue, profit beat forecasts

Associated Press

STREET BEATER: CBS Corp. posted first-quarter adjusted earnings of 73 cents per share, above the 68 cents expected by Wall Street analysts. Revenue grew 6 percent to $4.04 billion, the highest since the company's 2006 split from Viacom Inc., beating the $4.02 billion expected.

AEREO KILLER: CEO Les Moonves downplayed the threat to retransmission revenues from upstart Aereo, which doesn't pay CBS like other TV distributors for its signal. "We think ultimately that it goes away," he said.

UPBEAT ANALYST: Evercore Partners Alan Gould said he believes CBS will outperform the rest of the TV industry, starting with the bulk commercial sales period ongoing now called the "upfronts."

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