CBS Enjoys Strong Q1; Radio Up 4%

Nice Way To Start Off A Year

CBS CORP, reported a boffo 1Q 2011 in terms of OBIDA and cash flow, with the Radio division seeing revenues increase 4% from $601 to $621 million.  Operating income before depreciation and amortization (OIBDA) rose 64% to $576 million versus adjusted OIBDA of 2010; free cash flow rose 29% to $853 million.

Ironically, revenues of $3.51 billion was down slightly from $3.53 billion last year. The firm reported first-quarter earnings of 29 cents a share versus 5 cents a share during Q1 2010.

"CBS's first-quarter performance demonstrates the extraordinary momentum we have created in our businesses," CBS CORP. exec. Chairman SUMNER REDSTONE said.  "Our industry-leading content and multi-platform distribution continue to provide a competitive advantage that fuels our ongoing success.  Going forward, I am very confident that the strategies employed by our management team will propel us to even greater heights throughout the rest of the year and beyond."

"Across the board, this was an exceptionally strong quarter for CBS, giving us a tremendous start in 2011," Pres./CEO LESLIE MOONVES added. "Our first-quarter performance was driven by strong underlying advertising revenue growth and increases in non-advertising revenue streams, as we continue to maximize the value of CBS's world-class content. In addition, the strategic actions taken to strengthen our business model, including CBS TELEVISION's new NCAA agreement, have helped deliver yet another consecutive quarter of year-over-year margin expansion. We are particularly pleased with our substantial free cash flow generation, and we remain committed to returning a substantial portion of this cash to shareholders through the combination of share repurchases and dividends.

"Looking ahead, we have great momentum heading into this year's Upfront marketplace, and we continue to enter into lucrative retransmission, syndication and online distribution deals.  As we increasingly capitalize on these opportunities, we are confident that we will drive growth over the long term by focusing on our strategy to drive higher recurring revenue streams and diversify our businesses while delivering value to our shareholders."

Dividend Increased

CBS CORP. also announced that its Board of Directors has authorized an increase in the quarterly dividend on the Company's common stock of 100% from $.05 to $.10 per share. The dividend is payable on JULY 1st, 2011 to shareholders of record as of JUNE 10th, 2011.

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