CBS Corp. has announced its fourth quarter and full year financial results for 2012. CBS combines its TV and Radio divisions under "Local Broadcasting," which saw its Q4 revenue grow nine percent to $787 million, in part due to political advertising and retransmission revenues. CBS Radio revenue was up by one percent in Q4, with the TV division revenue up 17 percent. OIBDA for the fourth quarter increased 22 percent to $325 million, primarily driven by the revenue growth. For the full year, Local Broadcasting revenue was up to $2.774 billion, from $2.689 billion in 2011.

Overall CBS revenue in Q4 grew by two percent to $3.7 billion. For the full year of 2012, CBS set a new record with $14.09 billion in revenue, a three percent increase from 2011's $13.64 billion.

"CBS has turned in another quarter of exceptional performance, capping off another terrific year," said Sumner Redstone, Executive Chairman of CBS Corp. "Our results today speak to the strength of our strategy—producing and distributing great content and monetizing it over and over again. I am confident that Leslie and his team will continue to capitalize on all of the opportunities we have before us this year and beyond."

"CBS had a record year in 2012, as well as a record fourth quarter, and the momentum is building for an even better 2013," said CBS Corp. President/CEO Leslie Moonves. "Advertising revenue is growing, and our revenue from non-advertising sources continues to grow even faster. This includes new recently signed streaming, retransmission consent, and reverse compensation deals as well as ongoing strength in domestic and international syndication sales. Meanwhile, the confidence and visibility we have in our operations, along with the strategic actions we’re pursuing at CBS Outdoor, have allowed us to announce today that we are accelerating the pace of our share repurchase program by another billion dollars. Going forward, returning value to our shareholders will continue to be a top priority for us. We feel very good about our future, and we are very encouraged by the strength of our core businesses and the increasing premium we are able to command for our content."