CBS Radio Posts 1% Gain In Q4

Q4 Up

CBS has reported Q4 and full-year 2012 financial results, that included Local Broadcasting revenues (which includes CBS Radio) of $787 million. That's up 9% from the $721 million posted in Q4 2011. CBS RADIO revenues were up 1%.

Local Broadcasting OIBDA for the fourth quarter was up 22% to $325 million from $266 million in Q4 2011, primarily driven by the revenue growth.

CBS as a whole reported revenues of $3.70 billion for the quarter, up 2% from $3.61 billion from Q4 2011. Full year 2012 revenues of $14.09 billion rose 3% from $13.64 billion in 2011 with increases in each of the company's major revenue streams.

"CBS has turned in another quarter of exceptional performance, capping off another terrific year," said CBS CORP. Executive Chairman SUMNER REDSTONE. "Our results today speak to the strength of our strategy -- producing and distributing great content and monetizing it over and over again. I am confident that LESLIE and his team will continue to capitalize on all of the opportunities we have before us this year and beyond."

"CBS had a record year in 2012, as well as a record fourth quarter, and the momentum is building for an even better 2013," said Pres./CEO LESLIE MOONVES. "Advertising revenue is growing, and our revenue from non-advertising sources continues to grow even faster. This includes new recently signed streaming, retransmission consent, and reverse compensation deals as well as ongoing strength in domestic and international syndication sales. Meanwhile, the confidence and visibility we have in our operations, along with the strategic actions we're pursuing at CBS OUTDOOR, have allowed us to announce today that we are accelerating the pace of our share repurchase program by another billion dollars. Going forward, returning value to our shareholders will continue to be a top priority for us. We feel very good about our future, and we are very encouraged by the strength of our core businesses and the increasing premium we are able to command for our content."

$1 Billion Accelerated Share Repurchase Announced

CBS also announced today that it plans to repurchase an additional $1 billion of its Class B common stock in 2013, nearly doubling the Company's commitment for the year. CBS plans to initiate the accelerated share repurchase (ASR) transaction during the first quarter.

"Our plan to repurchase an additional $1 billion shares of CBS stock this year demonstrates both the confidence we have in our future and the commitment we have to our shareholders," said LES MOONVES. "Our growing sources of high-margin, non-advertising revenue, along with the strategic initiatives we announced for our Outdoor segment last month, are transforming CBS into a Company that is more reliant on steady and recurring revenue streams. As the evolution of CBS continues, we believe this stock buyback represents the best use of our cash and is in the best interest of our shareholders."

« see more Net News