CBS Q2 07

Net earnings from continuing operations increased 9% to $393 million in the second quarter of 2007 compared to the prior year. Free cash flow also increased 4% to $571 million. Revenue decreased 3% to $3.4 billion due to factors such as the absence of UPN and divestitures of radio and television stations. However, operating income was flat at $750 million as increases in some segments offset declines in others. The company also completed the acquisition of Last.fm, a music discovery network, during the quarter.