Sports, Retrans Drives CBS Best Quarter Ever
Sports programming and a big boost in retransmission consent and affiliate fees helped drive CBS to its best quarterly results ever, with revenue up 6% to $4.04 billion.
Advertising revenue rose 8% in the quarter to $2.4 billion, driven by Super Bowl XLVII on the CBS broadcast network. Affiliate and subscription fee revenue rose 14%, driven by a 62% rise in retransmission consent fees and growth at its cable networks.
Operating income before depreciation and amortization rose 15% to $916 million and net earnings of $463 million (73 cents per share) were 17.5% better than the $394 million (59 cents per share) tallied last year.
Click here to read the full story on Multichannel News.
The smarter way to stay on top of broadcasting and cable industry. Sign up below