CBS Radio Q2 Revenues Flat, But CBS Corp. Revenues Up 11%

Great Quarter For CBS, Not So Great For CBS Radio

CBS CORP. reported Q2 Revenues of $3.7 billion, up 11% from the same period in 2012, with OIBDA of $952 million, up 5%. Operating Income of $838 million, up 6%. However, radio revenue for the quarter was described as "flat compared with the same prior-year period, as the benefit of the new CBS SPORTS RADIO NETWORK was offset by the impact of radio station dispositions in 2012."

CBS' revenue growth was attributed to "a 22% increase in content licensing and distribution revenues, which was driven by licensing agreements for digital streaming and international syndication. Advertising revenues were up 5%, partly from the timing of the semifinals of the NCAA DIVISION I MEN'S BASKETBALL CHAMPIONSHIP, which aired during the second quarter in 2013 versus the first quarter in 2012, as well as increases in underlying network advertising. Affiliate and subscription fee revenues rose 18%, reflecting the impact of a pay-per-view boxing event, and growth from retransmission revenues and fees from CBS Television Network-affiliated TV stations.

"Double-digit revenue growth -- and the best quarterly profits we've ever had -- add up to a phenomenal quarter for CBS," CBS Corp. Pres/CEO LESLIE MOONVES said. "Across the board, CBS's world-class content continues to drive our results. From Under the Dome, which is changing the face of summer programming on network television, to Ray Donovan , which has refilled the pipeline at SHOWTIME in a big way, new owned content continues to flourish throughout our Company. As a result, our base business is thriving, and our non-advertising revenue sources are having a bigger impact on our results all the time. Looking ahead, the opportunities to monetize our content are more exciting than ever. In addition, we are well on our way to completing our strategic initiatives in our Outdoor segment-- including the pending sale of our business in EUROPE and ASIA and the separation of our OUTDOOR AMERICAS business, which is right on track. All of this gives us great confidence in our future, and it's why we announced last week our largest increase ever to our share repurchase program. We remain committed to returning value to our shareholders, and we are certain we can deliver lucrative results for the remainder of this year, next year, and beyond as well."

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