CBS investors frustrated by returns

NEW YORK, Aug. 4 (UPI) -- CBS has dashed hopes shareholders might receive gains from the New York corporation through a buy-back program or boosted dividends.

Corporate executives said no plans would be announced pending sales of between 30 to 40 radio stations, the Los Angeles Times reported.

TV advertising sales are soft, shares dropped 79 cents Thursday and CBS radio is still reeling from the loss of Howard Stern to satellite radio. Radio revenues dropped 8 percent to $519.1 million, the Times said.

"The radio marketplace is tough right now," Chief Executive Leslie Moonves said.

TV revenue fell 1 percent to $2.3 billion in part because of $24 million in costs to close the UPN TV network. CBS also earned less from DVD sales because, having split with Viacom, it no longer distributes its own discs, the newspaper said.

CBS is planning to get into the movie-making business, which executives described as low-risk. Moonves wants CBS to produce "four to six movies per year," at the cost of "$50 million tops," which would save Showtime from spending millions to purchase movies from the studios.

"We have figured out a way to get into the movie business literally risk-free," Moonves said. "We are not going to have large studio overhead."