Not that big a deal, but a step forward (others like MSNBC and MobileTV are already doing ad-supported mobile content, some in text, some video): Broadcaster CBS will sell mobile advertising alongside its mobile TV programming. Interestingly, the deal involves four mobile ad partners/solution providers: AdMob, Millennial Media, Third Screen Media and Rhythm New Media, and will include banner ads, text ads and mobile video commercials, reports the WSJ. The move to grow ads in the emerging mobile TV space comes a day after CBS announced that its Q2 profits had fallen 21.2 percent to $404 million. During the results presentation, CFO Fred Reynolds noted its digital business is growing “rapidly, in the 50- to 60 percent range.” The company still does not break out its results in this area but expects that “down the road” it will be a 5-plus percent of its revenue, and “a high margin business.”

• Earnings: CBS Q2 Profits Fall 21.2 Percent; Revs Down 3 Percent