August 2, 2018 / 8:35 PM / 4 months ago

CORRECTED-UPDATE 1-CBS beats Wall St estimate for quarterly revenue

(Corrects per share quarterly profit in final paragraph; and corrects that number beat analyst estimates, not missed)

By Sheila Dang

Aug 2 (Reuters) - CBS Corp, which has hired two law firms to investigate sexual misconduct allegations against its Chief Executive Les Moonves, on Thursday topped Wall Street’s quarterly revenue estimates, helped by higher ad sales.

CBS, whose shows include hit sitcom “The Big Bang Theory,” said advertising revenue during the second quarter rose slightly to $1.32 billion.

Overall revenue increased to $3.47 billion, up from $3.26 billion a year earlier, beating analysts’ average estimate of $3.46 billion, according to Thomson Reuters I/B/E/S.

Shares of CBS were flat at $52.64 in after-market trading on Thursday.

In addition to investigating Moonves, who remains CEO, the New York-based media company is fighting to wrest control from majority shareholder Shari Redstone who wants a merger with Viacom Inc. Shari Redstone and her father, media mogul Sumner Redstone, also control Viacom.

CBS said affiliate and subscription fees revenue, which includes revenue from cable, satellite and streaming TV providers, rose to $989 million from $848 million a year before.

Net income from continuing operations was $400 million, or $1.05 per share in the second quarter ended June 30, up from $397 million, or 97 cents per share, a year earlier.

Excluding one-time items, CBS reported profit of $1.12 per share, beating analysts’ average estimate of $1.11. (Reporting by Sheila Dang Editing by Bill Rigby)

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