CBS Revenues Rise In Q3, Radio Up 1%
November 6, 2013 at 1:33 PM (PT)
CBS CORP. third-quarter 2013 overall revenues rose 11% to $3.63 billion, with net earnings up 12% to $469 million (76 cents/share). CBS RADIO revenues increased 1%, credited to the addition of the CBS SPORTS RADIO network.
Exec. Chairman SUMNER REDSTONE said, "CBS's third quarter proves once again why content is king. Our programming is becoming more valuable all the time as we continue to take advantage of the ever-expanding multiplatform world. With LES (MOONVES) and his team leading the way, I know that CBS is poised for continued success for many years to come."
Pres./CEO LESLIE MOONVES added, "Our record third-quarter results -- driven by double-digit revenue growth -- are the continuation of a phenomenal first half, and provide more clarity on what will be another amazing full year for the CBS CORP. We continue to launch new hits -- from UNDER THE DOME and RAY DONOVAN this summer to the top three new comedies on television this fall. Through our studio, we have an ownership interest in most of these shows, meaning that their success not only boosts our base business, but also our newer revenue streams as well, including very strong growth in retransmission consent fees, reverse compensation, international sales and all the opportunities afforded to us by exploding advances in technology. Plus, we are working toward a new advertising model in which we get paid for the significant, additional viewing that is increasingly taking place after a show first airs.
"In addition to all of this, we closed on the sale of our Outdoor business in EUROPE and ASIA during the quarter, and the separation of our OUTDOOR AMERICAS business is expected to be completed next year. As a result, about half of our revenue will be coming from fast-growing, non-advertising revenue sources going forward. And our strategic Outdoor initiatives are enabling us to return tremendous value to our shareholders. So clearly we are on track to close out the year in terrific shape, and we have great confidence in our ability to execute for our investors in 2014 as well."