CBS Revenues Rise In Q1
May 5, 2010 at 3:18 PM (PT)
CBS RADIO first-quarter revenues increased 9% year-to-year to $282.7 million, and revenues from the 10 largest radio markets increased 15%. The radio results contributed to a 12% overall revenue increase for CBS CORP. to $3.53 billion, led by 19% growth at Local Broadcasting, 15% growth at Entertainment (including the SUPER BOWL on CBS television), and 8% growth at the Cable Networks division. CBS' net loss narrowed from $55.3 million to $26.2 million (-8 to -4 cents/diluted share).
"I could not be more pleased with how CBS performed in the first quarter of this year, and I'm confident that LESLIE (MOONVES) and his management team will build on this success as the economy continues to recover," said Executive Chairman SUMNER REDSTONE. "We've focused on strengthening our already solid financial position, building new efficiencies throughout the Company, and investing in our top-quality content businesses -- and I look forward to all that we will do to build on these accomplishments this year and beyond."
"We got off to a tremendous start in 2010, as our businesses across the Company capitalized on the improving operating environment," said Pres./CEO LES MOONVES. "Network television is enjoying a robust scatter market, and with CBS in first place, we will be able to monetize what promises to be a very active Upfront. Our strength in primetime also establishes CBS as a leading beneficiary of the dual-revenue-stream broadcast model that continues to emerge, rewarding us not only with strong advertising revenues, but also a growing share of the retransmission consent fees that have now become a fact of the business. In addition, we're building our other recurring revenue streams, including syndication and premium cable -- a business that continues to achieve new financial and creative highs.
"Meanwhile, the economic recovery has also been a boon to our expanding Interactive platform, and our local TV and radio operations, which are in the midst of a dramatic upswing. Ad sales and pacing for these businesses have been up sharply so far this year, and we expect political advertising to heat up as the NOVEMBER elections approach. As importantly, with our lower cost structure throughout the Company, the revenue growth we're seeing is translating to higher margins. Going forward, we'll maintain our focus on expenses, and add to the recent steps we've taken to strengthen our balance sheet and deliver value to shareholders. As always, we will keep creating and distributing the absolute best content out there. That remains the best strategy for success both today and well into the future."