CBS Corp Revenue Up in 2016, Radio Now "Discontinued Operations"
February 15, 2017

CBS Corporation reported its full year 2016 and fourth quarter revenue today. The company now considers its CBS Radio division as "discontinued operations" in its financial reports.

Overall, CBS reported full year revenue of $13.17 billion, up four percent from the year prior, in part driven by Super Bowl 50 and the election year. In Q4, revenue dipped from $3.59 billion in the fourth quarter of 2015 to $3.52 billion, though this figure leaves out CBS Radio.

"2016 was a phenomenal year for the CBS Corporation, with all-time highs in revenue, operating income, and EPS that came in above $4 for the first time in our Company’s history; and as we begin 2017, I couldn’t be more excited about our growth prospects in the years ahead," said Chairman/CEO Leslie Moonves. "We are already exceeding our projections to generate billions of dollars in incremental revenue, thanks to our new, fastgrowing revenue sources and the strength of our base business."

As for CBS Radio, it brought in $328 million in Q4, but took an overall loss of $384 million due to impairment charges. For the full year of 2016, CBS Radio revenue reached just over $1.2 billion but in the end saw a $255 million net loss. In its report, CBS noted that it expects to complete the transaction of its sale to Entercom in the second half of 2017.

In his comments, Moonves noted that CBS "recently announced a deal to split-off our radio business in the best possible way through a tax-free transaction with Entercom. When completed, this transaction will allow us to focus even more on our core content strength and enable our faster-growing revenue to drive our results like never before."




 
Breaking News
Dennis Reese Named SVP/Promotion At RCA Nashville
Cumulus Media Brings Hot AC To Savannah, GA Launches WZAT (102.1 The Sound)
In Brief - March 27, 2017
March 24, 2017
Ryan Seacrest Announces KIIS FM's Wango Tango 2017 Lineup
WMGC (105.1 The Bounce)/Detroit Adds “Big Boy” To Mornings
107.1 The BOSS/New Jersey Announce Air Talent Line-Up
March 23, 2017
iHeartRadio Surpasses 100 Million Users
Westwood One Promotes Mark Wildman to EVP/Strategic Partnerships
March 23, 2017
iHeartMedia Oklahoma City Names JJ Ryan PD For KJYO & KXXY
Entercom Names Richard J. Schmaeling EVP & CFO
Doug Gottlieb Joins FOX Sports Radio & FS1
March 21, 2017
Beasley Broadcast Group Reports 4th Quarter and Full Year 2016 Results
Chip Arledge Appointed OM For Cumulus Media Shreveport/Bossier City, LA
KXQQ/Las Vegas Names Natalia Hernandez As New Midday Personality
In Brief - March 21, 2017
March 17, 2017
Cumulus Reports Results for Fourth Quarter and Full Year 2016
Entercom Austin To Move 96.3 FM RnB To 95.9 FM
March 16, 2017
iHeartMedia Names Geoff "G-Off" Owens PD For KXJM/Portland & KUBE/Seattle-Tacoma
c3 & FMC Statement: Elimination of the NEA, NEH, and CPB Indefensible, Shameful, and Senseless
iHeartMedia Introduces SmartAudio
Condé Nast Acquires Pop2Life And Ribyt
March 15, 2017
Radio One Houston Names DJ Riddler MD & On-Air Talent/Mixer For KROI (92.1 Radio Now)
iHeartMedia Names Mark Fuhrman Area President in Pittsburgh/West Virginia Region
Music News
Drake's More Life Sets Billboard 200 Streaming Record
Quick Hits: Halsey, Snoop Dogg / 2Pac, Pitbull / Wrestlemania, Paul McCartney, Phoenix, Matchbox Twenty & Counting Crows
Quick Hits: Kendrick Lamar, Iggy Azalea, Vans Warper Tour
Quick Hits: Gorillaz, Kaaboo Festival, March Madness
Chance the Rapper, The Killers, Muse & Arcade Fire Headlining Lollapalooza
QuickHits: Ed Sheeran, Chuck Berry, The Decemberists
QuickHits: NIN, Missy Elliot, Frank Ocean, Pitbull, Enrique Iglesias, Sublime
Rock Pioneer Chuck Berry Passes Away
The Entertainment World Remembers Chuck Berry
Ed Sheeran Spends Second Week Atop Billboard 200
QuickHits: Drake, James Blunt, Spoon, Bob Dylan
Quick Hits: Coldplay. BET Experience, Weezer
Quick Hits: The Chainsmokers, Pitbull, Ohana Music Festival, Arroyo Seco Weekend, Feist
Ed Sheeran Earns Biggest Debut Week of 2017
Quick Hits: Drake, Pearl Jam, Fifth Harmony
FMQB NOW

Sam Milkman, EVP
Coleman Insights

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!