CBS Corporation Reports Fourth Quarter and Full Year 2007 Results and Sirius Satellite Quarterly Loss Narrows

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City of Industry, CA --(www.USEquityNews.com)-- 02/26/2008 - Media entertainment industry alert provided by U.S. Equity News. CBS Corporation (NYSE: CBS) recently reported results for the fourth quarter and full year ended December 31, 2007. "I'm very pleased that CBS has turned in another solid quarter while making significant strides in the expanding interactive marketplace," said Sumner Redstone, Executive Chairman, CBS Corporation. "At the same time, the Company remained steadfast in delivering on its promises and returning significant value to investors. Leslie and his team continue to lead the Company with distinction, capitalizing upon our strength recently and positioning CBS for success in the months and years to come."


Radio operator Clear Channel Communications Inc (NYSE: CCU) agreed to cut its asking price for 56 local television stations by $100 million to $1.1 billion to settle a dispute with the buyer Providence Equity Partners, a person familiar with the situation said on Monday. The deal was reported earlier on Monday by the Wall Street Journal. But Wachovia Corp, one of the banks financing the deal, said it was filing a lawsuit to get out of the financing commitment, a move that could derail the deal.

Sirius Satellite Radio Inc (NASDAQ: SIRI), which plans to buy rival XM Satellite Radio, posted a narrower fourth-quarter loss after an increase in subscribers to its pay-radio service. Sirius posted a net loss of $166.2 million, or 11 cents a share, compared with a loss of $245.6 million, or 17 cents a share, in the year-ago quarter. Analysts on average had expected the New York-based company to deliver a loss of 13 cents a share, according to Reuters Estimates.

EPIC Corporation (OTC: EPIO) announced that it has entered into an agreement to purchase a television station in Northern California. EPIC's objective is to have a direct satellite link to market its original sports and entertainment programming potentially reaching over 4,000 independent stations nationwide that have a market for original and affordable programming. The company has received its booking, management and managers license for boxing and martial arts events.

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