CBS 3Q profit grows, matches Wall St. expectations

NEW YORK (AP) — Broadcaster CBS Corp. grew earnings 26 percent in the third quarter, benefiting from higher ad revenue, sales of reruns of shows like "NCIS: Los Angeles" and pay-per-view boxing.

Net income in the three months through September rose to $494 million, or 80 cents per share, from $391 million, or 60 cents per share, a year ago. Excluding results from its outdoor billboard ad business in Europe and Asia, which the company sold in September, earnings came to 76 cents per share, matching the expectations of analysts polled by FactSet.

Revenue rose 11 percent to $3.63 billion, beating the $3.53 billion analysts expected. Shares of the New York-based company dipped 38 cents to $59.24 in after-hours trading. CBS benefited from the sale of "NCIS: Los Angeles" reruns to USA Network and from the sale of "The Good Wife" to the Hallmark Channel, Amazon's Prime streaming service and Hulu Plus.

Boxer Floyd Mayweather Jr.'s showdown with Saul "Canelo" Alvarez in late September drove higher revenue at its premium pay TV network Showtime.

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