CBS Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the period, the company reported net earnings were $443 million or $0.71 per basic share and $0.69 per diluted share on revenue was $4,040 million against net earnings were $363 million or $0.56 per basic share and $0.54 per diluted share on revenue was $3,796 million a year ago. Operating income was $800 million compared to $677 million a year ago. Net earnings from continuing operations were $463 million or $0.75 per basic share and $0.73 per diluted share against net earnings from continuing operations were $394 million or $0.61 per basic share and $0.59 per diluted share a year ago. Earnings from continuing operations before income taxes were $705 million compared to $599 million a year ago. Net cash flow provided by operating activities was $587 million compared to $646 million a year ago. Capital expenditures were $34 million compared to $35 million a year ago. Adjusted OIBDA was $916 million compared to $807 million a year ago. Total OIBDA was $916 million compared to $796 million a year ago.

JCDecaux SA and Clear Channel Outdoor Holdings Inc. have reportedly pulled out of the formal bidding process to acquire CBS Outdoor Inc. from CBS Corporation. The people close to the auction said about five private equity groups, including Providence Equity Partners LLC, Platinum Equity, LLC and GMT Communications Partners LLP, had proceeded to the second round of bidding. The sale is reportedly expected to be completed by the end of summer of 2013 and is expected to be valued at €200 million-€300 million, these people said. However JCDecaux and Clear Channel are understood to still be interested in picking up parts of CBS Outdoor should the company be split up in any sale. CBS Outdoor is looking to divest its international operations in Europe and Asia, covering key markets such as France and the UK, as well as Ireland, the Netherlands, Italy, Spain and China.

CBS Corporation and Lionsgate announced that the companies have entered into a 50/50 partnership for the highly distributed entertainment cable network TVGN and the website TVGuide.com. The basic cable network, available in more than 80 million homes, will continue to be entertainment-focused, with a specific rebranding and programming strategy to be announced at a later date. The venture will combine CBS's programming, production and marketing assets with Lionsgate's resources in motion pictures, television and digitally delivered content. The new ownership structure will be comprised of the company with the #1 broadcast network and many of the top first-run syndication series ('Entertainment Tonight,' 'OMG! Insider') and the studio that distributes the blockbuster 'Hunger Games' and 'Twilight' franchises and produces such dramas as 'Mad Men.' Under the terms of the deal, CBS will acquire a 50% stake in TVGN and TVGuide.com. CBS plans to purchase the ownership interest currently held by One Equity Partners.