5-1-2012
It's always a little difficult to get radio specific details out of CBS when they report earnings. The company is mammoth and they don't really break things down as a radio only company might. CBS reported that local Broadcasting revenues were $622 million in Q1 which was flat compared with the same prior-year period. The company reported that increased spending by automotive manufacturers and retailers as well as higher retransmission revenues were offset by lower advertising spending from the utilities and service industries. For Q1 CBS Television revenue increased 2% from the same quarter last year, while CBS Radio revenues decreased 2%.
Overall, revenue at CBS was $3.92 billion for the first quarter of 2012 an increase of 12% from $3.51 billion for the same prior-year period. This increase was led by content licensing and distribution revenues, which were up 39%, driven by licensing agreements for digital streaming as well as international and domestic syndication sales. Advertising revenues increased 5%, reflecting growth in network primetime and sports advertising, including the timing of the semifinals of the NCAA Division I Men?s Basketball Championship (?NCAA Tournament?), which aired during the first quarter of 2012 versus the second quarter of 2011. Affiliate and subscription fee revenues rose 7%, led by growth at Cable Networks and higher retransmission revenues.
CBS Executive Chairman Summer Redstone said, ?As great as these last few years have been, this quarter tops it all. What?s most exciting is that we are poised to benefit from all of the strategic actions we?ve taken ? and continue to take ? for a long, long time. We have the best content and the right management to ensure success, and as a result, I have never been more confident about our Company?s future than I am today.?
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