CBS reports income declines

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CBS reported a 43% decline in net income to $33.4 million for the third quarter vs. a year earlier. Net sales rose only 1% $733.2 million. The company attributed the income drop to weak prime-time ratings and increased affiliate compensation costs that reduced earnings from the CBS TV network. Despite increased sales, CBS Radio reported lower operating earnings due to increased sports rights fees. For the first nine months of 1995, the company's net income is off 55% to 107.1 million. Net sales fell 12% to $2.5 billion.

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