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

RADIO ONLINE | Thursday, July 28, 2016 | 7:10pm CT

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.