OVERVIEW: The outdoor billboard service run by CBS is expected to have taken a pounding in the recession, while TV production costs are seen rising compared to last year, when there was a writers strike.

CBS is among a group of content providers that have agreed to take part in an online video trial by Comcast Corp. that gives subscribers online access to TV shows previously unavailable on the Web.

The company also recently named a new chief financial officer, 41-year-old Joseph Ianniello, 41, who took over July 20 from retiring Fred Reynolds.

Previously, Ianniello was chief development officer and treasurer of CBS. He also held several management positions at Viacom Inc., including treasurer and vice president of corporate development.

BY THE NUMBERS: Analysts surveyed by Thomson Reuters expect, on average, earnings to drop 84 percent to 8 cents per share, with revenue down 10 percent to $3.05 billion.

ANALYST TAKE: Cowen & Co. analyst Doug Creutz last week cut his estimate for second-quarter profit to 6 cents per share from 16 cents, mainly because of weakness in the outdoor advertising business overseas and increased TV production costs.

He lowered his estimate for fiscal 2009 earnings to 45 cents per share from 54 cents, below the consensus forecast of 48 cents per share, and kept a "neutral" rating on the shares.

"We have an increasingly cautious stance on the large-cap media sector due to our view that pressure on the consumer is increasing, and continue to view CBS as the large-cap media company most exposed to a deteriorating economy," he wrote in a research note.

WHAT'S AHEAD: CBS Chief Executive Leslie Moonves will likely give an update on the state of the "upfront" market, where advertisers buy up chunks of air time. Other media executives have said advertisers are pulling back and waiting until the last minute to make commitments.

STOCK PERFORMANCE: Shares of CBS rose 80 percent over the quarter to $6.92 on June 30 from $3.84 on March 31.

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