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Media Entertainment

CBS Beats Third-Quarter Expectations

CBS Interim CEO Joe Ianniello started the company’s third-quarter earnings call with the same upbeat optimism about the business that characterized his predecessor, Les Moonves, who left earlier this year in the wake of sexual misconduct allegations. Mr. Ianniello had good reason to be optimistic. The company beat Wall Street’s estimates for third-quarter revenue and profit. For Mr. Ianniello, a long-time CBS executive who was Mr. Moonves’ right-hand man, the quarterly results and investor call serve as part of his audition to become CEO full-time as the company’s board has begun a search process for the position. However, it remains to be seen if controlling shareholder Shari Redstone and the newly-installed CBS directors will decide to bring in new leadership.

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