(RTTNews) - Thursday, mass media company CBS Corp. (CBS: News , CBS.A ), posted a profit for the third quarter from a loss last year, reflecting increased growth in television revenues from higher license fees and affiliate revenues, as well as higher syndication sales.

Leslie Moonves, President and Chief Executive Officer CBS said," The operating environment for our businesses continues to improve and we are finishing the year with strong momentum. So far this year, each quarter has been better than the one before, with the third quarter showing significant improvement over the second, just as we expected."

For the third quarter, the New York-based company posted net earnings of $207.6 million or $0.30 per share, compared to a net loss of $12.46 billion or $18.58 per share in the year ago quarter.

Results for the third quarter included non-cash impairment charge of $23.1 million, related to the disposition of radio stations, offset by a settlement of $16.8 million related to the favorable resolution of certain disputes regarding a previously disposed business and a tax benefit of $41.8 million resulting from the settlement of federal and state income tax audits. Together, these items contributed $0.05 to earnings per share for the quarter.

On average, 21 analysts polled by Thomson Reuters expected the company to earn $0.22 per share for the quarter. Analysts' estimates typically exclude one-time charges and gains.

In the sequentially preceding second quarter, the company's net earnings dropped to $15.4 million or $0.02 per share from $408.4 million or $0.61 per share in the year ago period. On an adjusted basis, net earnings were $57.4 million or $0.08 per share, compared to $330.1 million or $0.49 per share last year.
Revenues for the recent third quarter slid to $3.35 billion from $3.38 billion in the prior-year quarter, owing to lower advertising sales largely offset by higher syndication sales, yet topping analysts' consensus revenue estimate of $3.19 billion for the quarter.

Segment-wise, Television revenues for the quarter rose 9% to $2.27 billion from $2.08 billion, primarily due to higher television license fees and affiliate revenues partially offset by lower local advertising sales. Television license fees increased 36% due to higher domestic syndication sales in 2009, while advertising sales decreased 5% due to softness in the local advertising marketplace and lower political advertising sales.

Radio revenues for the quarter declined 19% year-over-year to $318.9 million, mainly due to continued weakness in the radio advertising marketplace.

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