CBS Corporation Reports Q1 Results
May 9,2014

CBS Corporation reports the Company’s first quarter 2014 results, which include growth in all profit measures.

“CBS remains focused on its core strategy — creating and distributing the best content, and monetizing it across multiple platforms,” said Sumner Redstone, Executive Chairman, CBS Corporation. “This winning business model is generating healthy profits today, and I’m confident it will continue to do so well into the future. I’m more excited than ever about the growth prospects before us and about all that Leslie and his team are achieving quarter after quarter.”

“I’m very pleased to be reporting record first quarter profits, driven once again by our fast-growing, higher-margin revenue streams,” said Leslie Moonves, President and Chief Executive Officer, CBS Corporation.“ Thanks to the strength of our base business, as well as new opportunities to monetize our content, our momentum continues to build. And we are confident we are still in the early innings of our terrific growth story. Next week, we will launch a whole new set of content franchises when we unveil our fall schedule to advertisers. Plus, we have several exciting additions to our overall programming lineup with an expanded new schedule this summer and Thursday Night Football this fall. As we continue to grow CBS as a content company, we also recently took a dramatic step forward when we successfully completed the IPO of CBS Outdoor, which subsequently obtained a favorable REIT ruling from the IRS. The separation of this business will bring us that much closer to achieving our goal of becoming a pure content company and, at current market prices, puts us on track to return about $6 billion of value to shareholders in 2014. Looking ahead, with even stronger programming to sell to advertisers, political spending heat ing up later this year, and new deals coming down the pike in retransmission consent and reverse compensation, we see the back half of 2014 even stronger than the first — and we are positioned for another record year.”

Revenues were $3.86 billion for the first quarter of 2014 compared with $4.04 billion in the same prior-year period, which included more than $280 million from the CBS Television Network’s broadcast of Super Bowl XLVII. Content licensing and distribution revenues grew 6%, driven by higher international licensing of television programming. Affiliate and subscription fee revenues rose 9%, led by higher cable affiliate fees, retransmission revenues, and fees from CBS Television Network-affiliated television stations. Operating income before depreciation and amortization (“OIBDA”) of $930 million and operating income of $818 million for the first quarter of 2014 were each up 2% from the same prior-year period as increases in higher-margin revenues more than overcame the absence of the 2013 Super Bowl broadcast. Net earnings from continuing operations were $468 million for the first quarter of 2014, or $.78 per diluted share, compared with $463 million, or $.73 per diluted share, for the same prior-year period. Net earnings for the first quarter of 2014 included interest expense of $12 million ($7 million, net of tax), or $.01 per diluted share, from the $1.6 billion that our outdoor subsidiary, CBS Outdoor Americas Inc. (“CBS Outdoor”), borrowed during the first quarter of 2014. Diluted earnings per share from continuing operations rose 7%, primarily driven by the operating income growth as well as lower weighted average shares outstanding as a result of the Company’s ongoing share repurchases.




 
Breaking News
iHeartMedia Atlanta Names New Market President and Vice President of Sales
iHeartMedia Myrtle Beach Names Zac Davis Operations Manager
Tim Maranville Joins Cross Platform Media Group As Chief Content Officer
Study: New Brain Research Demonstrates High Effectiveness Of Radio Advertising
Survey: Justin Timberlake Is Music’s Best Male Role Model
In Brief - September 30, 2014
September 29, 2014
Jon Pinch Delays Retirement, Named Market Manager At Cumulus-Atlanta
iHeartMedia Names Earl Jones SVP, Urban Operations
Report: Few 13-20’s Name FM As #1 Music Source
New Study: Radio An Effective Way To Influence Swing Voters
In Brief - September 29, 2014
September 26, 2014
eQB NOW
The Week In Review: 9/22-9/26
Cox Media Group Names Pete Spriggs News/Talk/Sports Radio Format Leader, Drew Anderssen Format Coordinator
Mann Gets HOT From HITS In Bakersfield
ErrorFM.com Announces Launch Date, Features
In Brief - September 26, 2014
September 25, 2014
iHeartRadio Music Festival Generates 5 Billion Social Impressions
In Brief - September 25, 2014
September 24, 2014
Report: Southern California Broadcasters Association White Paper
In Brief - September 24, 2014
September 23, 2014
Jelli Selects Digigram To Provide Sound Cards For RadioSpot
In Brief - September 23, 2014
September 22, 2014
BIA/Kelsey Projects $139.3 Billion In Local Media Revenue By 2015
Music News
Lorde Drops "Yellow Flicker Beat"
Quick Hits: Gwen Stefani & Pharrell Williams, Mary Lambert, Alex & Sierra
Taylor Swift, Metallica & More Headlining 2015 Rock In Rio USA
Quick Hits: Britney Spears, Prince, Birdman, Black Sabbath, Rancid
Thom Yorke Releases Surprise Solo Album Via BitTorrent
The Week In Review: 9/22-9/26
Quick Hits: R.E.M., AC/DC, U2
Metallica Has Goodies In Store This Holiday Season
Quick Hits: Justin Bieber, Kanye West, Wiz Khalifa & Amber Rose, Brandi Carlile, Neil Young, Bob Seger
Streisand, Chris Brown Top SoundScan Sales Chart
Nickelback Moving To No Fixed Address In November
Quick Hits: AC/DC, Bruce Springsteen, Weezer, Outkast, The Who
T.I. Gets Paperwork In Order
FMQB Photo Pass: Lily Allen
Quick Hits: Kelly Clarkson, Bob Dylan, Iggy Azalea, Lana Del Rey, Jeff Bridges
FMQB NOW

Celebrating
The History Of
WFLZ/Tampa

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!