CBS Q1 Revs Up 10%, Radio Sale to Move Forward

RADIO ONLINE | Wednesday, May 4, 2016

CBS Corp., parent of CBS Radio, reported first quarter revenues increased 10% to $3.85 billion from $3.50 billion in 2105. Operating income (OI) grew 14% to $821 million from $721 million. Local Broadcasting revenues moved up 9% to $649 million from $596 million, partially offset by lower radio revenues, which decreased 2%. The company posted net earnings of $473 million ($1.02 per diluted share), up 20% from $394 million (78 cents) in the year-ago period.

"CBS delivered a spectacular quarter as we continue to execute on our strategy of creating and distributing the content that audiences have to have," said CBS Corp. Chairman/CEO Leslie Moonves. "We had double-digit revenue growth, and we set records in all key profit measures, with EPS coming in above a dollar for the first time in our Company's history. Advertising was extremely strong, growing 31% overall and 49% at the CBS Television Network, where we are on track to win the season in adults 25-54 and adults 18-49, as well as in viewers for the 13th time in 14 years."

Moonves also disclosed that CBS would move forward with its initiative to separate its radio business, which he said "will unlock value for shareholders and further diversify our revenue streams."