Shares of CBS Corp.—the parent company of the namesake TV network, Simon & Schuster publishers, and the Showtime premium cable channel—slumped in after-hours trading Thursday on disappointing fourth-quarter results. Revenue in the three-month period ended December 31, 2018, rose 3% to $4.02 billion, from $3.92 billion. Wall Street analysts on average expected CBS to earn $1.53 on revenue of $4.15 billion. The company also announced that it had reached its goal of eight million subscribers for its CBS All Access and Showtime streaming services nearly two years ahead of schedule. CBS will have to go on a shopping spree in order to avoid being overwhelmed by its much larger rivals.

Source: Forbes February 14, 2019 22:17 UTC