CBS Corp. Q3 Revenue, Radio Division Both Up 2%
November 5, 2014 at 2:46 PM (PT)
CBS CORP. reported results Q3 2014 revenues of $3.37 billion, a 2% increase over the same quarter a year ago. The growth was driven by a 4% increase in content licensing and distribution revenues from higher international and domestic licensing of television programming. Advertising revenues grew 2%, driven by the broadcast of THURSDAY NIGHT FOOTBALL on CBS and political revenues associated with midterm elections.
Q3 Local Broadcasting revenues rose 6% to $680 million, driven by higher political spending as a result of midterm elections and higher affiliate and subscription fee revenues. CBS Television Stations revenues increased 10%, while CBS Radio revenues were up 2%.
"CBS continues to succeed on the strength of its tremendous content," CBS CORP. Exec. Chairman SUMNER REDSTONE said. "LES and his team are optimizing the Company for future growth at every turn, and I have the utmost confidence in their ability to increasingly drive shareholder value in these dynamic times of great opportunity."
"Our third quarter growth reflects the success of our efforts to create and monetize our premium content," Pres./CEO LESLIE MOONVES said. "I am particularly pleased with the CBS Television Network's encouraging start to the fall season, which has reloaded our owned content pipeline in a big way with MADAM SECRETARY, SCORPION, and NCIS: NEW ORLEANS, along with new owned hits from SHOWTIME and The CW. Our local businesses had a strong quarter as well, including increasing political spending and higher retransmission consent fees. Also during the quarter, we renegotiated new station affiliate contracts with LIN MEDIA, TRIBUNE BROADCASTING, MEDIA GENERAL and GRAY TELEVISION with more to come later this year, bringing us that much closer toward our stated goal of $2 billion in retransmission consent and reverse compensation revenues by 2020. We are also capitalizing on growing consumer demand by expanding into emerging platforms. This includes the recent launch of CBS ALL ACCESS, which allows our "super fans" to watch CBS wherever they are. At the same time, we are returning more value to shareholders than ever before, and we continue to have great confidence in our future as a content company in this ever-expanding marketplace."