

	First			Second			Third			Fourth
2016 ^(a)	Quarter			Quarter			Quarter			Quarter ^{(b) (c)}			Total Year
Revenues:
Entertainment	$	2,587		$	1,947		$	1,949		$	2,394		$	8,877
Cable Networks	525			536			598			501			2,160
Publishing	145			187			226			209			767
Local Media	448			396			409			526			1,779
Corporate/Eliminations	(117		)	(90		)	(98		)	(112		)	(417		)
Total Revenues	$	3,588		$	2,976		$	3,084		$	3,518		$	13,166
Segment Operating Income (Loss):
Entertainment	$	449		$	351		$	348		$	371		$	1,519
Cable Networks	228			227			285			219			959
Publishing	13			26			44			36			119
Local Media	150			130			122			216			618
Corporate	(84		)	(83		)	(78		)	(109		)	(354		)
Total Segment Operating Income	756			651			721			733			2,861
Pension settlement charge	—			—			—			(211		)	(211		)
Restructuring and merger and acquisition-related costs	—			—			—			(38		)	(38		)
Other operating items, net	9			—			—			—			9
Total Operating Income	$	765		$	651		$	721		$	484		$	2,621
Net earnings from continuing operations	$	442		$	373		$	466		$	271		$	1,552
Net earnings (loss)	$	473		$	423		$	478		$	(113	)	$	1,261

Basic net earnings per common share:
Net earnings from continuing operations	$	.96		$	.83		$	1.05		$	.64		$	3.50
Net earnings (loss)	$	1.03		$	.94		$	1.08		$	(.27	)	$	2.84
Diluted net earnings per common share:
Net earnings from continuing operations	$	.95		$	.82		$	1.04		$	.63		$	3.46
Net earnings (loss)	$	1.02		$	.93		$	1.07		$	(.26	)	$	2.81

Weighted average number of common shares
outstanding:
Basic	459			451			442			424			444
Diluted	464			455			446			429			448

Dividends per common share	$	.15		$	.15		$	.18		$	.18		$	.66

(a) CBS Radio has been presented as a discontinued operation for all periods presented.

(b) In the fourth quarter of 2016, the Company recorded a noncash impairment charge of $444 million to reduce the carrying value of CBS Radio’s goodwill and FCC licenses to their fair value. This charge has been presented in discontinued operations (See Note 4).

(c) In the fourth quarter of 2016, the Company recorded a one-time pension settlement charge of $211 million for the settlement of pension obligations resulting from the completion of the Company’s offer to eligible former employees to receive lump-sum distributions of their pension benefits (See Note 15).



	First			Second			Third			Fourth
2015 ^(a)	Quarter			Quarter			Quarter			Quarter^{(b) (c)}			Total Year
Revenues:
Entertainment	$	2,261		$	1,785		$	1,932		$	2,460		$	8,438
Cable Networks	539			615			526			562			2,242
Publishing	145			199			203			233			780
Local Media	375			387			376			454			1,592
Corporate/Eliminations	(87		)	(82		)	(94		)	(118		)	(381		)
Total Revenues	$	3,233		$	2,904		$	2,943		$	3,591		$	12,671
Segment Operating Income (Loss):
Entertainment	$	346		$	262		$	339		$	347		$	1,294
Cable Networks	251			220			246			228			945
Publishing	12			25			43			34			114
Local Media	109			128			101			149			487
Corporate	(68		)	(65		)	(49		)	(94		)	(276		)
Total Segment Operating Income	650			570			680			664			2,564
Restructuring charges	—			(31		)	—			(14		)	(45		)
Other operating items, net	19			—			—			120			139
Total Operating Income	$	669		$	539		$	680		$	770		$	2,658
Net earnings from continuing operations	$	364		$	306		$	377		$	507		$	1,554
Net earnings	$	394		$	332		$	426		$	261		$	1,413

Basic net earnings per common share:
Net earnings from continuing operations	$	.73		$	.62		$	.79		$	1.08		$	3.21
Net earnings	$	.79		$	.68		$	.89		$	.56		$	2.92
Diluted net earnings per common share:
Net earnings from continuing operations	$	.72		$	.62		$	.78		$	1.07		$	3.18
Net earnings	$	.78		$	.67		$	.88		$	.55		$	2.89

Weighted average number of common shares
outstanding:
Basic	498			490			480			469			484
Diluted	506			495			484			474			489

Dividends per common share	$	.15		$	.15		$	.15		$	.15		$	.60

(a) CBS Radio has been presented as a discontinued operation for all periods presented.

(b) In the fourth quarter of 2015, the Company recorded a noncash impairment charge of $484 million to reduce the carrying value of radio FCC licenses to their fair value. This charge has been presented in discontinued operations (See Note 4).