CBS profit meets Wall Street targets but shares slip

CBS and other media companies are under pressure to show they can survive and thrive as younger viewers turn away from traditional television. The owner of Showtime and CBS Sports Networks, radio stations and the Simon & Schuster publishing house has rolled out a streaming service called CBS All Access. Chief Executive Officer Les Moonves, who was just named chairman in place of controlling shareholder Sumner Redstone, said he did not plan to change strategy.