CBS Corporation has reported its financial results for the second quarter of 2012 and while the company overall saw record numbers in select categories, CBS Radio had a two percent revenue drop. In Q2, CBS set new quarterly records with OIBDA of $901 million, operating income of $769 million and diluted earnings per share of 65 cents.

CBS Corp.'s second quarter revenue was $3.48 billion, down from $2.59 billion a year ago, which was partially impacted by the NCAA semifinals takings place during Q1. Net earnings were up eight percent to $427 million.

CBS Radio revenue was down two percent, but its overall Local Broadcasting category grew by two percent to $704 million. The Radio division's revenue drop was attributed to a decline in spending by advertising on retail and financial services, though it was offset slightly by automotive ad growth. Revenue was also affected by CBS Radio's sale of stations in West Palm Beach.

"CBS’s content continues to fuel the success of this great company," said Sumner Redstone, Executive Chairman, CBS Corporation. "In a world where great programming commands premium pricing, we continue to hit on all cylinders. I am extremely pleased with our terrific second-quarter results, and I am confident that Leslie and his management team will build on our momentum in the quarters and years to come."

"Our record second quarter results reflect CBS’s underlying strength and the ongoing evolution of our business to encompass multiple sources of growing and recurring high-margin revenue," said Leslie Moonves, President/CEO of CBS Corporation. "The good news is, there’s so much more to come, and there are several important events just ahead. The U.S. presidential election will be a major factor in our second half results, and the London Olympics will give a considerable lift to our Outdoor business. And as we head into 2013, we will benefit from the Super Bowl, CBS’s success in the upfront marketplace, as well as from a number of hit shows that will be sold into syndication. Plus, we are containing our costs and reducing our interest expense, and as a sign of the confidence we have in our future, we recently announced a significant increase in the amount of capital we are returning to our shareholders both through our ongoing dividend and accelerated share buyback program. For all of these reasons, we’re confident 2012 will be a record year, and we will produce exceptional results in 2013 and beyond as well."