CBS Corp. Q2 Revenue Up 8%, Radio Up 4%

A Good Quarter

CBS CORP. made $3.59 billion on the second quarter of 2011, an 8% increase over the same quarter last year. Leading the revenue was a 21% growth in content licensing and distribution revenues, and a 12% growth in affiliate and subscription fee revenues.

Radio revenues increased 4%,as sports for retail and financial services partially offset a decline in political advertising. That was better than its TV brethren, as combined Local TV and radio stations increased revenue 1.9% to $691 million. TV was particularly hurt by the decrease in political advertising. Overall, every CBS division except publishing went up.

"CBS' second quarter performance built on our tremendous first quarter, posting strong results throughout each of our businesses," CBS CORP. Exec. Chairman SUMNER REDSTONE said. "The Company continues to operate at an exceptionally high level as we remain focused on creating the absolute best content and distributing that content in strategic and profitable ways. I am confident that LESLIE and his team will continue to manage CBS for success and enhance shareholder value for a long, long time to come."

"Our extraordinary second-quarter results demonstrate the power of the strategic actions we've taken to strengthen our business model," Pres./CEO LESLIE MOONVES said. "We delivered stellar growth across every single key financial metric, nearing record levels in all profit measures. These remarkable results reflect our increasing ability to monetize our content, while at the same time, diversifying and de-risking our Company for the future, including recent new licensing deals with leading online video distributors. In addition, we led the marketplace in another highly successful Upfront selling season, setting us up for strong advertising growth next year. Meanwhile, we continue to generate very healthy free cash flow and return an increasing amount of value to our shareholders through our ongoing share repurchase program and recently increased dividend. Going forward, positive trends and new developments in our industry position us to deliver strong results not only for the balance of the year, but in 2012 and beyond as well."

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