CBS Corp. announced its Q2 fiscal results today, along with the news that the company plans on selling off 50 of its radio stations. Profit was up by one percent to $3.4 billion for CBS Corp. overall, in part due to its investment in the Sundance Channel. However, excluding that and restructuring charges, profits failed to meet Wall Street expectations, according to Reuters.

"While national business is holding up well, this softness in the marketplace is being felt mostly on the local level through no fault of management; this adversely affects CBS's local, radio and television station," CBS Executive Chairman Sumner Redstone said on a conference call.

The company announced that it plans to sell off 50 radio stations, which will be used to fund a share buyback plan. CFO Fred Reynolds said on the conference call that CBS was already in talks with a number of buyers for the stations. There is not a set list yet of exactly which stations CBS plans to sell.

CBS Radio revenue was down ten percent to $416.4 million from $463.4 million in Q2 '07, "reflecting weakness in the radio advertising market and the impact of radio station divestitures." On a same station basis, radio revenues declined 9 percent from Q2 '07.

OIBDA and operating income for the quarter decreased 15 percent to $158.6 million and 16 percent to $150.7 million, respectively. CBS chalked these declines up to lower advertising sales and the absence of profits from divested stations, but partially offset by lower marketing and promotion costs and layoffs, due to restructuring and other initiatives.