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CBS Q2 Revs Up 2% to $3.29B, Radio Revs Down 1%


CBS Corp., parent of CBS Radio, reported a 2% increase in second quarter to $3.29 billion from $3.22 billion in 2015. Local Broadcasting revenues were down 1% to $647 million. CBS TV and CBS Radio each decreased 1%. Operating income grew 25% to $733 million from $586 million. The company posted net earnings of $423 million (93 cents per share) as compared to $586 million (67 cents) in the year-ago period.

During the second quarter, the company also repurchased 9.2 million shares of its class B common stock for $500 million. For the first six months of 2016, the company repurchased 19.5 million shares of its class B common stock for $1 billion. The average cost for the first half of 2016 was $51.27 per share.

CBS also confirmed that it plans to separate its radio business, as a preliminary registration statement was filed with the SEC in July, 2016 for the proposed initial public offering (IPO) of the common stock of CBS Radio Inc.

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Quick Snaps
Benztown: Benztown was at Radiodays Europe 2024, which was held in Munich on March 17-19th. Benztown hosted a well-attended party for customers and partners during Radiodays Europe 2024 on Monday, March 18. Pictured is a traditional Volksmusik band performed for Benztown party attendees at Munich's Augustiner-Keller restaurant. In front in black shirt raising a glass is Oliver Klenk, Head of Production & Composition, and to his right, also in black shirt, is Stephan Halfpap, General Manager, Maxmedia, Austria.

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