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CBS is up 1.7% after growing revenues 10% and beating expectations with its Q1 earnings bolstered by surprisingly strong ad revenue growth (with a little lift from Super Bowl 50)
- The big game ads were supplemented by a 12% increase in underlying network advertising. Retransmission revenues and fees from CBS-affiliated stations grew 42%.
- Operating income of $821M was up 14%; adjusted operating income of $812M was up 16%.
- Revenues by segment: Entertainment, $2.59B (up 14.4%); Cable Networks, $525M (down 2.6%); Publishing, $145M (flat); Local Broadcasting, $649M (up 8.9%). All segments posted operating income.
- In revenue by type: Advertising, $2.34B (up 31.3%); Content licensing and distribution, $729M (down 29%); Affiliate and subscription fees, $722M (up 15%).
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Conference call to come at 4:30 p.m. ET.
- Press Release