CBS 1st-quarter profit surpasses estimates; Redstone says no succession plans have been made

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NEW YORK — CBS reported solid first-quarter results on Thursday, and the company's company 91-year-old chairman, Sumner Redstone, said he has no retirement or succession plans.

Redstone's National Amusements Inc. is the controlling shareholder in both CBS Corp. and Viacom Inc.

Redstone said in a news release that no decisions about his eventual replacement have been made and that the companies will make those decisions on their own

He added that after he dies, a group of seven trustees will oversee his interests in the companies and the trustees will make decisions based solely on the best interests of the beneficiaries of the trust.

In a story published on Tuesday, Vanity Fair magazine quoted anonymous sources close Redstone saying his health is poor. In an email to the magazine, Redstone said he will never retire and he made no reference to retirement plans in Thursday's press release.

The New York Post reported Tuesday that Redstone's daughter Shari will likely become chairman of both companies when he dies.

New York-based CBS said Thursday that its net income fell 16 percent to $394 million, or 78 cents per share, in the first quarter. Its revenue fell 2 percent to $3.5 billion.

Analysts expected net income of 75 cents per share on $3.5 billion in revenue, according to Zacks Investment Research.

CBS shares were up 63 cents, or 1 percent, at $61.85 in aftermarket trading. The stock is up 11 percent in 2015, while the Standard & Poor's 500 index has risen 1.4 percent this year.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CBS at http://www.zacks.com/ap/CBS

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Keywords: CBS, Earnings Report

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