I reported last week about the protest of fans of the CBS Corp (NYSE: CBS) drama Jericho, who were sending thousands of pounds of peanuts to the network to protest the show's cancellation. Evidently, the goobermob has managed to persuade CBS to give the show another shot. According to the Hollywood Reporter, sources close to the production say that a deal is nearly complete to film a second, shorter (seven episodes) season.

The show suffered from the same malaise that struck many of the serial dramas after a mid-season hiatus, especially as it was slotted against American Idol. However, the skew of the audience to the 18-49 year old sector, along with a strong online viewing component, made the show a strong candidate for resuscitation. As CBS shareholders know, every hit helps.

Jericho is a drama set in a small Kansas town isolated after a terrorist nuclear attack devastates the U.S. It follows the popular Lost model with an ensemble cast, mysterious circumstances and multiple story lines. My suspicion is that, in the new seven episodes, we will discover that the nuclear attack was launched when someone on an island far away failed to reset a control device within the required time.

CBS Corp. (NYSE: CBS) needs hits and needs them now.

The company today reported lackluster first quarter results. Profit from continuing operations was $213.5 million on revenue of $3.66 million. Excluding one-time items, profit was 33 cents, beating the 32-cent average profit forecast and $3.61 million revenue forecast of analysts polled by Thomson Financial.

Operating income excluding some costs at the company's television business, its largest, fell 6% to $399 million, while revenue rose a mere 2% to $2.57 billion. As Bloomberg News points out ratings at the company's flagship network excluding sports are down 12% in the 18 to 49 year old demographic. Though CBS' "CSI" shows remain popular, the company is losing ground to ABC's "Grey's Anatomy" and Fox's "American Idol."