CBS Radio Revenue Down 5% In Q3
November 7, 2012

CBS Corporation reported record revenue in the third quarter of 2012, despite a five percent decline from its CBS Radio division. While CBS does not break down its CBS Radio revenue in its quarterly reports, the Local Broadcasting division (which combines CBS Radio and TV stations) saw a one percent increase in Q3 to $661 million in revenue. Lower ad revenue from CBS Radio was attributed as a factor in an overall advertising revenue decline for CBS in Q3. Local Broadcasting OIBDA for the third quarter increased 16 percent to $213 million from $184 million a year ago, driven by a decline in programming and production expenses as well as lower music royalty costs from the initial impact of a new long-term agreement.

Overall, CBS Corp. set third quarter records with $3.42 billion in revenue, OBIDA of $898 million, operating income of $771 million, net earnings of $391 million and adjusted diluted earnings per share of $0.65.

"CBS has continued its remarkable run with yet another record quarter," said Sumner Redstone, CBS Corp. Executive Chairman. "Our world-class content and multiplatform distribution strategy remain at the center of our success. I am very proud of all that Leslie and his team have accomplished, and I know we are in position for continued growth for many years to come."

"The transformation of CBS continues as reflected in these record third quarter results," said CBS Corp. President/CEO Leslie Moonves. "We have taken a number of significant steps during the last several months to execute our strategy and grow the Company. These include three major retransmission consent agreements, an important reverse compensation deal, new international and domestic streaming contracts, and the sale of our two new hit dramas, Vegas and Elementary, into international syndication. As we continue to take actions like these, we are increasing our recurring revenue from nonadvertising sources and setting ourselves up for even more record results in the future. Going forward, we will continue to expand the ways we achieve value for our content, and we are confident we will hit our goal of a record 2012 and an even better 2013."

Breaking News
CBS Radio Signs Michael Martin To Multi-Year Contract Renewal
SportsRadio 94WIP/Philly Adds Joe Decamra & Jon Ritchie To Middays
October 19, 2016
Frankie C Extends Agreement With KZHT/Salt Lake City
Voncile Anderson Named Beasley Director/NTR Sales In Tampa Bay
In Brief - October 19, 2016
October 18, 2016
Rob Stringer Promoted To CEO Of Sony Music Entertainment
iHeartMedia St. Louis Announces The Debut Of The New Alt 104.9
Entercom Agrees To Acquire Four Radio Stations In Charlotte From Beasley Broadcast Group
Ebro Returns To Portland
Townsquare Media Names John Roberts OM For Tyler-Longview, Texas
Jacobs Media & PRPD’s 8th Annual Public Radio Tech Survey Released
In Brief - October 18, 2016
October 17, 2016
WFLZ/Tampa Names Kruz Program Director
Republic Records Promotes Wendy Goldstein To Executive Vice President
Alpha Media Mankato Names Bob Rose Market Manager
Corey B. Joins WBBM-FM (B96)/Chicago As New Night Host
October 14, 2016
Race Taylor Re-Ups With WPLJ/New York
Andrew Berger Named Imaging Director For KPWR/Los Angeles
October 13, 2016
iHeartMedia Chicago Names New Night Show Hosts
Emmis Announces Agreement to Sell Texas Monthly
Alpha Media Supports Hurricane Matthew Recovery Relief
KFM-BFM Adds Robin Roth To Roster
October 12, 2016
iHeartMedia Connecticut Names Jagger PD of WKSS & WKCI
Emmis Reaches Agreement To Sell Terre Haute Radio Stations
Music News
"Crash" Into Against Me!
Quick Hits: Radiohead, Frank Ocean, A$AP Ferg
Maroon 5 Closes The Top 40 and Hot AC Radio Panels Upon Impact
Jordan Fisher Will Make His Broadway Debut In Hamilton On November 22
Quick Hits: Kanye West, Eminem, Bruno Mars, Gwen Stefani
Pearl Jam, 2Pac & Depeche Mode Lead 2017 Rock Hall Nominees
Green Day Tops Billboard 200 For Their Third Time
Quick Hits: Liam Payne, Rock & Roll Hall Of Fame, Mother Love Bone
Quick Hits: Kings Of Leon, Elton John, Roger Waters
Maroon 5 Debuts New Single Featuring Kendrick Lamar
Louise Goffin To Perform Surprise Concert
Quick Hits: Drake, Depeche Mode
Drake Earns Record-Setting 13 American Music Award Nominations
Solange's A Seat at the Table Is Her First #1 Album
Green Day Announce 2017 North American Tour

Jon Zellner
EVP/Programming Operations

          Question Of
           The Week

FMQB Member Login

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