CBS Enjoys Banner Q4, Broadcasting Revenue Up 20.8%
Radio Ad Sales Up 14%
February 16, 2011 at 3:07 PM (PT)
CBS CORP. had plenty to crow about with its Q4 earnings, as its profits more than quadrupled over Q4 '09, reports MARKETWATCH,. The results, no doubt goosed by an industry-wide rebound in advertising sales, exceeded Wall Street expectations.
CBS said it earned $283 million, compared with a profit of $59 million or 9 cents a share in the fourth quarter of 2009. All segments of its business revenue enjoyed revenue growth -- including CBS RADIO, whose ad sales rose by 14% in the fourth quarter. The entire Local Broadcasting division generated revenue of $821.5 million, up 20.8% from $680 million in the same period a year earlier,
"CBS’ exceptional fourth-quarter results capped an extraordinary year for the Company," CBS CORP Exec. Chairman SUMNER REDSTONE stated. "Our strategy of producing and distributing the best content is proving to be highly successful in a multi-platform world. Given our very talented management team, and our pipeline and library of industry-leading content that just keeps getting better, CBS is poised for continued success well into the future."
"CBS’ momentum accelerated throughout 2010, culminating in our best results of the year in the fourth quarter," Pres./CEO LESLIE MOONVES, added. "Every one of our operating groups achieved solid quarterly revenue growth, and double-digit OIBDA growth.