Wed, Jun. 8, 12:30 PM
Aug. 5, 2015, 4:21 PM
- CBS is up 0.5% after hours following a Q2 beat on top and bottom lines on the strength of a big boost at its cable networks.
- Adjusted operating income was $641M, down 12.2% as the company invested more in programming and digital distribution.
- Affiliate and subscription fees were up 28%, aided by Showtime's score with the Mayweather/Pacquiao fight (highest grossing pay-per-view boxing event ever), and 40% growth in retransmission revenues from affiliates.
- Revenue by segment: Entertainment, $1.79B (down 2.7%); Cable Networks, $615M (up 19.2%); Publishing, $199M (down 5.7%); Local Broadcasting, $654M (down 1.7%).
- Revenues by type: Advertising, $1.59B (down 2.6%); Content licensing and distribution, $815M (down 9.7%); Affiliate and subscription fees, $752M (up 28.3%); Other, $58M (down 7.9%).
- Free cash flow was $435M, up from a year-ago $4M. For the six months, free cash flow of $835M was up from the prior year's $524M.
- Conference call to come at 4:30 p.m. ET
May 7, 2015, 4:22 PM
- CBS is up 0.9% after-hours following a Q1 report where it beat expectations with record EPS though revenues declined slightly on lower local ad sales.
- Content licensing and distribution revenues decreased 4%, while affiliate and subscription fees increased 11%, driven by growth in rates.
- Revenues by segment: Entertainment, $2.26B (down 1.8%); Cable Networks, $539M (up 0.3%); Publishing, $145M (down 5%); Local Broadcasting, $596M (down 4.8%).
- Free cash flow was $400M, down from the prior year's $520M.
- CEO Les Moonves pointed to content wins, with "four of the top five new scripted series, all of which we have ownership in and can monetize in a growing number of ways. We will also win the season as the most-watched network in America, with a solid performance across all demographics at a time when others are facing ratings erosion."
- Chairman Sumner Redstone issued a statement to deny reports that his daughter Shari would take his place at CBS and Viacom (NASDAQ:VIA) when he dies: "Decisions about who will succeed me as chairman of CBS and Viacom will be made by the boards of the respective companies, and not by any individual," he wrote. "Despite press reports to the contrary, such decisions have not yet been made."
- Conference call at 4:30 p.m. ET
Apr. 16, 2015, 1:31 PM
- Verizon (NYSE:VZ) is turning to college sports for its mobile-first streaming video service, inking deals with a number of partners to fill out an offering that should have 20-30 channels later this year.
- The company has deals with ACC Digital Network, Campus Insiders, CBS Sports, ESPN and 120 Sports to join its deal for 200 hours with Awesomeness TV (NASDAQ:DWA).
- What does Verizon get? "Dozens of live major college games" from CBS and "select live college football and college games" as well as original-entertainment shows like 30 for 30 from ESPN (NYSE:DIS).
- Pricing and packaging for the service are still unresolved, but Verizon does plan to offer it only via its mobile data plans at first.
Apr. 13, 2015, 3:23 PM
- Andre J. Fernandez has been named president of CBS Radio, replacing 17-year CBS veteran Dan Mason.
- Fernandez comes from Journal Communications, where he was president and COO, and previously served in financial leadership at General Electric.
- He'll oversee a 117-station group that's key to CBS strategy as it builds out local groups to complement its national media. Fernandez will start next week, reporting to CEO Les Moonves.
Feb. 18, 2013, 5:24 AM
A long-running SEC investigation into possible corruption by U.S. movie studios in China is casting a shadow over Hollywood's dealings in the country, especially as there hasn't been too much information on the inquiry's progress. At the same time, Chinese consumers have started to prefer home-grown blockbusters over Hollywood fare. Still, the show goes on, with "Kung Fu Panda 3" and "Iron Man 3" among the projects that use China for filming.| Feb. 18, 2013, 5:24 AM | 4 Comments
Jan. 9, 2013, 5:52 PM
InterActiveCorp-backed (IACI) Aereo has received a fresh $38M in funding - some of it from IAC - to expand its innovative broadcast TV streaming service to 22 new markets by spring, including Chicago, Dallas, Philly, and Houston. Aereo's $12/month NYC service has already driven local broadcasters up the wall and into the courtroom - they see it as a threat to the carriage fees they've begun charging pay-TV providers. (AP review)| Jan. 9, 2013, 5:52 PM
Nov. 30, 2012, 4:20 PM
Nov. 13, 2012, 4:20 AMAverage primetime ratings for live and same-day viewing among 18-49-year-olds have slumped by over 10% for ABC (DIS), CBS (CBS) and Fox (NWS) this season, UBS finds. However, Comcast's NBC is up 22%. TV execs attribute the fall to consumers watching shows at their own convenience, although Disney CEO Bob Iger admits that the absence of "new, big, real, buzz-worthy hits" might have something to do with it. | Nov. 13, 2012, 4:20 AM
Oct. 11, 2012, 10:25 AMBarclays Capital analyst Anthony DiClemente cuts his estimate for U.S. advertising growth due to a "choppy" economy to 4% for 2012 and 1.9% for 2013 from 4.6% and 2.3%, respectively. TV advertising felt a negative effect from the Olympics, but is due for a bounce with political ads ramping up through the November elections. His big picture view of the media sector is still positive on decent growth expectations as he backs News Corp. (NWS, NWS) as his top pick. | Oct. 11, 2012, 10:25 AM
Jun. 4, 2012, 6:45 PMWhile the newspaper industry has been decimated by the Internet, the TV industry has been mostly unscathed. But that may be changing, thinks Henry Blodget, after reviewing recent Nielsen data. Cable ratings have fallen sharply since July, and a Nielsen global survey found a 700 bps Y/Y drop in the number of respondents claiming to have watched TV at home in the last month. Other data suggests TV viewing is holding up well. | Jun. 4, 2012, 6:45 PM
May 22, 2012, 12:05 PM
InterActiveCorp-backed (IACI +1.1%) Aereo succeeds in getting an unfair competition claim that was part of a lawsuit attempting to shut down its $12/month local TV streaming service dismissed. A ruling is still pending on a copyright infringement claim. Broadcasters such as CBS, ABC, NBC, and Fox accuse Aereo of depriving them of retransmission fees from pay-TV providers (ed: the pay-TV providers aren't thrilled about paying for content that's aired for free).| May 22, 2012, 12:05 PM
Mar. 5, 2012, 9:58 AMRatings for broadcast TV networks have fallen at a 1.8% annual rate since 1990, according to Bernstein, thanks to the impact of the Internet and cable networks. However, the networks still saw their ad revenue grow at a 3% annual clip, thanks to higher ad rates. Likewise, though newspaper ad revenue fell sharply from 2005-2010, overall TV ad revenue actually ticked higher, thanks to steady viewing levels. | Mar. 5, 2012, 9:58 AM