CBS RADIO Dips 2% in First Quarter. When CBS Corp. delivers its quarterly financial reports, the focus is on television and this first quarter of 2016 is no different. As a whole, the revenue for the first quarter was $3.85 billion – an increase of 10%. But looking at radio – which is part of the company's Local Broadcasting division – net revenue was down 2%. As for the status of the radio division, CEO Les Moonves and CFO Joseph Ianniello reiterated what's been said publicly over the past few months: The company is pursuing making CBS RADIO a separate, publicly traded company and, at the same time, is listening to any offers to divest of some or all of the stations if it can do so in a tax-friendly manner.
Beasley Broadcast Group Q1 Revenue Rises 13.2% on Strength of New Tampa and Charlotte Properties. The net revenue for the first was $27.5 million – an increase of 13.2% — that is largely the result of its late 2014 station swap with CBS RADIO. Beasley Broadcast Group traded five stations in Philadelphia and Miami for 13 outlets in Tampa and Charlotte (and one AM in Philly). Interim CEO Caroline Beasley (who also serves as EVP/CFO) comments, "While 2016 first quarter revenue included the cyclical return of political advertising, we generated organic revenue growth even without the political spending. In addition, we achieved our goal of our clusters, on a combined basis, outperforming the markets that report to Miller Kaplan for the full quarter and expect this trend to continue in 2016." Beasley also notes that the company paid down $3 million against its debt, leaving the remaining debt standing at $86 million. She adds, "We intend to continue our use of cash from operations to further reduce debt, pay quarterly cash dividends and to pursue other opportunities to enhance shareholder value and during the first quarter declared our tenth consecutive quarterly cash dividend."