CBS Corp. Reports Fourth Quarter & Full Year Fiscal Results
Febrary 13, 2014

CBS Corporation has released its fiscal results for the company's fourth quarter and full year 2013. In Q4 2013, CBS reported a six percent growth in overall revenue to $3.91 billion, up from $3.7 billion a year earlier. Operating income was $793 million in the quarter, a nine percent increase from Q4 2012.

For the full year, CBS Corp. brought in record revenue of $15.28 billion, up eight percent from $14.09 billion in 2012, reflecting increases across all of the company's revenue sources.

CBS Radio is grouped in with the company's "Local Broadcasting" division, which saw a decline in Q4 from $787 million a year ago to $719 million in 2013. However, this was largely attributed to political ad dollars from the 2012 Presidential election. CBS Radio specifically saw a four percent revenue decline in Q4 '13, again attributed to the previous year's election. Non-political revenue for CBS Radio was essentially comparable with Q4 2012. For the full year, Local Broadcasting revenue fell from almost $2.8 billion in 2012 to just under $2.7 billion.

"CBS continues to turn in stellar performances year in and year out, and none better than 2013," said Sumner Redstone, Executive Chairman, CBS Corporation. "The Company’s strategy of monetizing its content across all platforms is driving our results today, and it will continue to enhance our ability to achieve even greater success in the future. I’m confident that Les and his team will lead CBS to new heights in 2014 and beyond."

"Our record fourth-quarter and full-year results demonstrate CBS’s stature as one of the world’s foremost creators of premium content," said Leslie Moonves, President/CEO, CBS Corporation. "In addition to the solid performance of our base business, our fast-growing, non-advertising revenue streams are playing a bigger and bigger role in our results, and they will continue to do so in the years to come. These include the sale of three hit shows—Hawaii Five-0, Blue Bloods and Elementary—into domestic syndication, along with new deals in digital streaming, international syndication, retransmission consent, and reverse compensation. Plus, we plan to launch the IPO of our Outdoor business this quarter, which will unlock its value and significantly enhance our ability to return capital to shareholders. In fact, that’s why today we’re announcing an accelerated share repurchase of $1.5 billion in addition to stepping up the pace of our open market share repurchases during the first quarter. Our Outdoor transactions will also result in a CBS that is much closer to a pure content Company, with about half of our revenue coming from steady and recurring sources. Looking ahead, we are extremely excited about all the opportunities that we have in a marketplace that’s exploding with new ways to engage with the best content."




 
Breaking News
RAB Report: Radio Shows Double-Digit Growth In Digital Revenue For Q3
The Week In Review: 11/17-11/21
Jaysson Reno Named VP, Sales For KGO-AM, KSFO-AM
Kassof Research: CHR P1's: Excited & Social
In Brief - November 21, 2014
November 20, 2014
Cumulus Promotes Jeff Davis To National Director Of Stratus Music Scheduling
Mike Fredrick Named Hubbard Radio Cincinnati VP/Market Manager
Hubbard Radio Announces New Division, 2060 Digital, LLC
Kassof Research: Christian Radio P1’s: Mission Accomplished
In Brief - November 20, 2014
November 19, 2014
Musicians On Call Raises $700,000 At 15th Anniversary Celebration
iStreamMEDIA Adds Christopher Cottrill As VP/Music Content, Programming
Jordan Blaugrund Promoted To VP, Digital Marketing, RCA Records
DeVito/Verdi Retained To Drive Awareness Of NextRadio App
Kassof Research: Rock P1’s: Too Cool to Care?
In Brief - November 19, 2014
November 18, 2014
100.3 The Beat Launches In St. Louis
MADE Music Announces Partnership With Vevo
Kassof Research: Urban P1’s: Into It!
Southern California Radio Roars Back In October
In Brief - November 18, 2014
November 17, 2014
Vevo Announces Leadership Transition
BMG Acquires Vagrant Records
Republic Records Names Delmar Powell Director of Urban A&R
Gordon Smith, NAB To Be Honored By Broadcasters Foundation Of America
Kassof Research: News/Talk P1's: It's Not About Happy
Music News
Iggy Azalea, J. Lo To Team Up on AMAs
The Week In Review: 11/17-11/21
Quick Hits: Saturday Night Live, Billboard Touring Awards, YouTube Music Awards, Arcade Fire
Quick Hits: One Direction, Taylor Swift, Young The Giant, Guns N' Roses, Jimmy Ruffin
Taylor Swift's 1989 Remains At #1
Quick Hits: U2, Katy Perry, Paramore, Lana Del Rey, The Voice
Foo Fighters Announce Major 2015 North American Tour
Ed Sheeran Launches "Thinking Out Loud"
Quick Hits: American Music Awards, New Now Next Awards / Jessie J, Smashing Pumpkins, Prince Royce, Marilyn Manson, The Decemberists, Bonnaroo, James Blunt
U2 Postpones Tonight Show Residency
Quick Hits: AC/DC, J. Cole, Giorgio Moroder, alt-J, Lollapalooza South America
Kid Rock Gearing Up For First Kiss
The Week In Review: 11/10-11/14
Quick Hits: Paramore, AC/DC, Ryan Seacrest‘s New Year’s Rockin’ Eve
Quick Hits: One Direction, Juvenile, Randy Jackson, MTV Awards shows
FMQB NOW

Jon Zellner
SVPP, iHeartMedia

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!