COMPANY TOWN ANNEX

CBS Earnings Down 51%: The New York-based broadcasting company said third-quarter earnings fell as the loss of professional football and baseball games reduced advertising revenue. The company said ad revenue was 4% lower without those telecasts. It also said a onetime gain from the settlement of a lawsuit with Viacom Inc. inflated results in the year-earlier quarter. In addition, CBS said a higher tax rate hurt earnings this year. CBS fell $9.50 to $329.50 a share on the New York Stock Exchange. Third-quarter net income fell to $58.4 million, or 77 cents a share, from $118.2 million, or $1.48 a share, a year earlier.