CBS reported fourth quarter financial results on Tuesday morning, confirming the obvious. Old media bad, new media better. Profit dropped 15 percent, dragged by anemic radio, TV and publishing sales.

The one bright spot? Outdoor. And even that was primarily driven by benefits from the weak dollar.

The challenges facing traditional media are not lost on CBS, which has been trying to ramp up its digital business and has been selling off underperforming TV and radio stations.

For now, however, CBS’s 1 percent revenue growth on an organic basis, according to Goldman Sachs, stands in stark contrast to some of its other big media peers — Disney revenue was up about 10 percent; News Corp revenue rose 9.5 percent; even Time Warner eked out a 2 percent rise in quarterly revenue.

(Reuters)

Keep an eye on:

• We are bionic media consumers: Turns out TV viewers can still recall some spots even when watching at up to six times the speed of regular TV.  (WSJ)
• FCC okays Liberty-DirecTV deal. (Reuters)
• Dissident shareholders group raises stake in the New York Times to 19 percent. (Reuters)
• Google, five Asian telecoms operators agreed to build an undersea cable linking the United States to Japan to provide capacity to sustain a surge in Internet traffic between the two continents. (Reuters)