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
Emmis Announces Second Quarter Earnings
KNEV/Reno Turns On Classic Hip Hop
October 7, 2015
Ellen K To Launch A New Morning Show On KOST/Los Angeles
Pandora To Acquire Ticketfly
Slow Jams Launches New Throwback Edition
Steven Meyers Promoted To Director/Digital Operations At Greater Media
October 6, 2015
Bubba The Love Sponge Apologizes For Ratings Tampering
Cumulus Launches Classic Hip Hop 98.3 The Vibe
Jon Platt Named CEO At Warner/Chappell
CBS Radio Names Sam Rogers VP, National Sales & Corporate Partnerships
In Brief - October 6, 2015
October 5, 2015
Beasley Media Group Announces Actions Against Todd Clem AKA, ‘Bubba The Love Sponge’
iHeartMedia Presents "iHeartRadio Jingle Ball 2015 Concert Tour"
Steve Mills Named iHeartMedia’s Chief Information Officer
Puff Daddy Brings Bad Boy To Epic Records
Charlamagne Tha God Renews With iHeartMedia
In Brief - October 5, 2015
October 2, 2015
2015 NAB Marconi Radio Award Winners Announced
In Brief - October 2, 2015
October 1, 2015
Cumulus Announces Programming Moves In Indianapolis & Atlanta
iHeartMedia Savannah Names Jonathan "JR" Reed Program Director At WAEV
Concord Bicycle Music Announces Major Strategic Investment In Razor & Tie Enterprises LLC
Nielsen & Westwood One Renew Relationship
September 30, 2015
Sean Atkins Named President Of MTV
Music News
Janet Jackson, N.W.A. and More Up For Rock Hall
Selena Gomez Maps Out Revival Tour
Quick Hits: RIAA Gold & Platinum, Cage The Elephant, Kurt Cobain, American Music Awards / Jennifer Lopez
Quick Hits: Kendrick Lamar, Brian Fallon, Ten Commandos, The Cure, Lollapalooza South America, JoJo, Courtney Barnett
Fetty Wap Debuts Atop Billboard 200 Chart
Quick Hits: Miley Cyrus & Flaming Lips, Will Smith, Maynard James Keenan, Ben Folds
Deluxe Edition of Sam Smith's In The Lonely Hour Announced
Quick Hits: Selena Gomez, Miley Cyrus, Megadeth, Beastie Boys
Quick Hits: Fifth Harmony, Train's Pat Monahan, Seal, Roger Waters
Beyoncé, Jay Z & Prince Headlining Massive TIDAL X Charity Concert
Quick Hits: The Who, Ed Sheeran, Bleachers, American Music Awards, Katy Perry / Sting, Austin City Limits
Quick Hits: Nicki Minaj, Lady Gaga, Kendrick Lamar
Seven New Albums Debut In Billboard 200's Top Ten
Quick Hits: Kelly Clarkson, Fetty Wap, Corey Taylor
CeeLo to Drop Heart Blanche in November

Mark Adams
San Francisco

FMQB Member Login

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