News summary: CBS 3Q profit grows, matching views

News summary: CBS 3rd-quarter profit up 26 pct as ad revenue grows

Associated Press

PROFIT: CBS posted third-quarter earnings in line with Wall Street expectations.

SPAT IMPACT: But the local broadcasting segment profit dropped, which ISI Group analyst Vijay Jayant attributed to the monthlong blackout to Time Warner Cable customers in August.

REBUTTAL: The company denied the dispute hurt results in the third quarter, with CEO Les Moonves saying the standoff helped pave the way for "dramatic gains" in the fees it is paid by distributors. The company said New York TV station ad revenue was up 10 percent despite the fight directly affecting that market.

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