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.