CBS profit beats as revenue from affiliates and subscriptions rise

The CBS building in New YorkCBS Corp , owner of the most-watched U.S. TV network for more than six years, reported a better-than-expected quarterly profit on Thursday as revenue from affiliates and subscription fees rose. CBS, whose network is home to naval intelligence drama "NCIS" and comedy "The Big Bang Theory", said revenue from affiliates and subscription fees rose 10.8 percent in the three months ended March 31. The company has been focusing more on non-advertising revenue, such as subscription and retransmission fees, to help offset fluctuations in advertising revenue, which can vary from quarter to quarter depending on events. Advertising revenue accounted for about 51 percent of total revenue in the quarter.

Bank of America directors lose support from shareholders

A Bank of America sign is shown on a building in downtown Los Angeles, CaliforniaFour Bank of America Corp directors on the board's governance committee received unusually small majorities of votes for re-election at this week's annual meeting, according to tallies the company released on Thursday. Shareholder advisory firm Institutional Shareholder Services had recommended voting against the four directors after their committee led the board in October to unilaterally change company bylaws to allow CEO Brian Moynihan to also be chairman of the board.