Les Moonves, chief executive with CBS Corp. (CBS), said Thursday that the media company's third-quarter performance is showing improvement over the second quarter - a sign he cited as showing that an economic turnaround is underway.

"Signs of recovery that began in the second quarter have been gathering steam in the third," said Moonves, though he acknowledged that economic conditions remain difficult.

Moonves said sales pacings at the company's local TV stations, which have been pummeled by the economic downturn and advertising slump, are showing steady improvement.

-By Nat Worden, Dow Jones Newswires; (212) 416-2472; nat.worden@dowjones.com