CBS Corp. Q3 Revenue Up 2%, But Radio Down 5%
November 7, 2012 at 3:47 PM (PT)
CBS CORP. reported a 2% increase in revenue in Q3, rising from $3.37 billion to $3.42 billion. While the Local Broadcasting division eked out a 1% gain, it was because TV's revenue boost offset a decline in radio revenue.
Q3 Local Broadcasting revenues increased 1% to $661 million. CBS TV Station revenues rose 7% driven by political advertising and retransmission revenues. However, CBS RADIO revenues were down 5%.
Overall, however, CBS executives were pleased with the results. "CBS has continued its remarkable run with yet another record quarter," Exec. Chairman SUMNER REDSTONE said. "Our world-class content and multi-platform distribution strategy remain at the center of our success. I am very proud of all that LESLIE and his team have accomplished, and I know we are in position for continued growth for many years to come."
"The transformation of CBS continues as reflected in these record third-quarter results,” Pres./CEO LESLIE MOONVES added. "We have taken a number of significant steps during the last several months to execute our strategy and grow the Company. These include three major retransmission consent agreements, an important reverse compensation deal, new international and domestic streaming contracts, and the sale of our two new hit dramas, Vegas and Elementary, into international syndication. As we continue to take actions like these, we are increasing our recurring revenue from non-advertising sources and setting ourselves up for even more record results in the future. Going forward, we will continue to expand the ways we achieve value for our content, and we are confident we will hit our goal of a record 2012 and an even better 2013."
The whole Q3 details can be accessed here.