CBS reports 1 percent growth in earnings for 2Q

Media company CBS says earnings rose in the second quarter, beating analysts' estimates, on gains from asset sales amid a weak advertising market.

New York-based CBS Corp. says profits rose 1 percent to $408.4 million, or 61 cents per share, for the three months ended June 30, compared with $404 million, or 55 cents per share, in the same period last year.

Revenue is up 1 percent to $3.39 billion from $3.37 billion.

Thomson Financial says analysts expected earnings of 52 cents per share on revenue of $3.41 billion.

The company's earnings gained on the sale of its investment in the Sundance Channel.