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CBS' Q3 net income up 22% on licensing, distribution

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CBS Corp. said Wednesday its net income for the third quarter rose 22% to $469 million as its content-producing business units generated greater revenues through licensing and distribution of its shows.


Pro-forma earnings per share of 76 cents from continuing operations matched analysts' average estimate.


'CBS's third quarter proves once again why content is king,' said Sumner Redstone, CBS' executive chairman said. 'Our programming is becoming more valuable all the time as we continue to take advantage of the ever-expanding multiplatform world.'


Shares of CBS, one of the most watched TV networks, fell 1.88% in after-market trading to $58.50.


Total revenue for the quarter rose 11% to $3.6 billion.


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