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."