CBS reports $12.5-billion loss

CBS on Thursday reported a $12.5-billion third-quarter loss after slashing the book value of its billboards and radio and television stations. The broadcasting company's results underscored the trouble facing traditional media companies operating in a worsening economy. CBS and others that own local stations have been particularly hard-hit as advertisers, including car dealers and retailers, have dramatically curbed spending. Dragging down CBS' results for the quarter was a $14.1-billion noncash charge taken to reflect the lower value of its advertising-supported media assets. CBS said earlier this month it would be taking the charge. Despite the losses, investors appeared encouraged by the results, particularly after Moonves reiterated that CBS was "committed to paying a healthy dividend." CBS shares closed up 71 cents at $9.43 a share.