CBS Corporation has reported its first quarter financial results for 2013, with the company's strongest overall revenue report. CBS revenue crossed $4 billion for the first time since it became a stand-alone company in 2006. Specifically overall revenue was $4.04 billion, up six percent from $3.8 billion a year ago.
CBS Radio remained flat in Q1, as the launch of the new CBS Sports Radio network "was offset by the impact of radio station dispositions in 2012." CBS Radio is grouped with the TV unit under Local Broadcasting, and that division's combined revenue grew by three percent to $638 million from $622 million a year prior. CBS Television Stations' revenue was up five percent, partly due to this year's Super Bowl. Local Broadcasting OIBDA (Operating income before depreciation and amortization) was up 16 percent to $199 million.
"CBS has started the year with a terrific first quarter," said Sumner Redstone, Executive Chairman, CBS Corporation. "Our premium content and multiplatform distribution strategy are leading to results that are better than ever. I am confident that this approach, under the guidance of Leslie and his team, will continue to propel CBS ahead in the years to come."
"Across key financial measures—including revenue, OIBDA, operating income, and EPS—this was the most successful quarter in our Company’s history," said Leslie Moonves, President/CEO, CBS Corporation. "The value of our world-class content clearly continues to rise. In terms of big-event television, we had tremendous success during the quarter with the Super Bowl, the GRAMMYs, the NCAA men’s basketball tournament, and more recently, the Academy of Country Music Awards. And our primetime lineup continues to dominate as well. The CBS Television Network is poised to win the season across all demographics, putting us in a very strong position as we prepare to unveil our new primetime lineup at the Upfront later this month. In the weeks that follow, we’ll be selling our schedule into an advertising marketplace that continues to improve, and we expect to once again lead the competition in pricing and volume."