CBS Corp. Q3 Revenues Up 2%, Radio Flat
November 3, 2011 at 1:44 PM (PT)
CBS CORP. reported revenues of $3.4 billion for the third quarter of 2011, up 2%. Radio revenues were essentially flat in Q3, part of the Local Broadcasting division that fell 3% to $656 million.
CBS RADIO revenues essentially mirrored the same prior-year period, as growth in domestic auto, retail and financial services were offset by lower political spending. Local Broadcasting auto advertising sales for the third quarter of 2011 increased from the prior year as domestic spending increased and the rate of decline in spending for Japanese auto slowed from the second quarter.
"Our third-quarter results reflect the exceptional performance of CBS's premium content around the world," CBS CORP. Exec. Chairman SUMNER REDSTONE said. "The Company's strong operating fundamentals and strategic improvements to its business model continue to pay off. I know that LESLIE and his team will reach even greater heights as we look to 2012 and beyond."
"These third-quarter numbers speak to the strength, stability and progress of our operations," CBS Corp. Pres./CEO LESLIE MOONVES said. "Once again, we turned top-line growth into strong double-digit OIBDA and EPS growth, while continuing to produce spectacular free cash flow year-to-date. Across the board, we have transformed CBS into a content company designed to perform in any environment. So far this season, the CBS TV Network is significantly outpacing the field with more programs in the top ten and top twenty in all key measures than all the other networks combined ... Meanwhile, we continue to monetize our enormous library on new platforms, including domestic and international streaming deals signed since last quarter worth hundreds of millions of dollars. These content licensing deals are increasing the stability of our revenue base, and we are tracking ahead of our strategy to increase our mix toward more recurring, non-advertising revenue streams. Going forward, we are confident that we will close out 2011 strongly, and look forward to a terrific 2012 in which we will increasingly benefit from online video, retransmission consent, reverse compensation from affiliates, international and local opportunities as well as political advertising that promises to be very robust."