CBS Corp. Q1 Revenues Rise 6%
But Radio Revenue Flat
May 1, 2013 at 2:03 PM (PT)
CBS CORP. reported Q1 revenues of $4 billion, up 6% over Q1 2012. Its OIBDA rose 15% to $916 million, with an 18% increase in Operating Income to $800 million.
Local Broadcasting, which includes radio, enjoyed a 3% increase to $638 million -- but CBS Radio revenues remained flat compared with the same prior-year period, as the benefit of the new CBS SPORTS RADIO network was offset by the impact of radio station dispositions in 2012.
Overall, though, CBS executives were quite pleased with the company's Q1. "CBS has started the year with a terrific first quarter," CBS CORP. Exec, Chairman SUMNER REDSTONE said. "Our premium content and multiplatform distribution strategy are leading to results that are better than ever. I am confident that this approach, under the guidance of Leslie and his team, will continue to propel CBS ahead in the years to come."
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