Seeking Alpha

CBS wrap: Profit beat, accelerated share buyback, Outdoor spinoff

  • CBS (CBS) says content licensing and distribution revenue rose 28% in Q4 to help it overcome softer trends with advertising.
  • Segment OIBDA: Entertainment +27% to $418M; Cable Networks +7.6% to $199M; Local Broadcasting -19% to $263M; Outdoor Americas +28% to $120M.
  • The company announces plans for a $1.5B accelerated share repurchase program. On top of an existing program, CBS plans to spend $2B to buy shares in Q1.
  • The IPO of Outdoor is planned for Q1 after which CBS says it will be closer to a "pure content" company.
  • CBS +3.1% AH.

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