CBS Corporation (CBS) - NYSE
  • Tue, May 3, 4:58 PM
    • An increasingly ebullient CBS CEO Les Moonves was upbeat on a call (ongoing) following the first quarter where CBS posted EPS over $1.00 for the first time.
    • EPS of $1.02 surpassed analyst estimates for $0.94. As echoed on the call, advertising grew 31% with the help of Super Bowl 50, but underlying network advertising grew 12% without the game's boost. Shares are now up 2.3% after hours.
    • The TV season has a few weeks' life in it, but "no surprise, CBS is once again a dominant No. 1 in viewers and households," Moonves said. It's also No. 1 in the 25-54 and in 18-49 demographics, "with or without football," and when you do include it, CBS is also No. 1 in 18-34 -- meaning it's poised to be the first network in 14 years to be No. 1 across all demographics.
    • Streaming services -- CBS All Access, and the direct-to-consumer Showtime -- are "beginning to make meaningful contributions to our revenue and our profits," he said.
    • On the skinny bundle and more over-the-top services, Moonves said "you're hearing a lot of noise" about services coming to market. As they take shape -- "and they do continue to take shape -- it's a huge positive for us," he says. "The rate for subs here will be even higher than we're getting from our current partners."
    • Earnings call
    | Tue, May 3, 4:58 PM
  • Tue, May 3, 4:30 PM
    • 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%).
    • Conference call to come at 4:30 p.m. ET.
    • Press Release
    | Tue, May 3, 4:30 PM
  • Tue, May 3, 4:19 PM
    • CBS (NYSE:CBS): Q1 EPS of $1.02
    • Revenue of $3.85B (+10.0% Y/Y)
    • Shares +2.14%.
    • Press Release
    | Tue, May 3, 4:19 PM
  • Mon, May 2, 5:35 PM
  • Fri, Feb. 12, 4:35 PM
    • CBS finsihed the day down 0.9%, swimming against broader market gains after a quite positive earnings report after the bell yesterday.
    • BMO Capital's Daniel Salmon took the opportunity to reaffirm the broadcaster as his top media pick. He's keeping a $58 price target -- 10 times 2016 OIBDA, 14.5 times 2016 EPS, and an implied upside of 34%.
    • Solid results might not drive a gain in the current market, he acknowledges, but it should outperform peers in the future "as investors continue to reassess the health of the pay TV ecosystem and better appreciate CBS’ limited exposure to the cable bundle."
    • Among keys to his bullishness: resilient broadcast advertising and catalysts ahead, reiterated guidance on retrans and reverse retrans revenue, and strength at Showtime and at the CBS and Showtime over-the-top products.
    • In a tough market for media stocks, CBS is down 14.3% over the past three months.
    • Previously: CBS call: Even stronger times ahead with advertising, streaming (Feb. 11 2016)
    • Previously: CBS beats on revenue, meets on profits for Q4 (Feb. 11 2016)
    | Fri, Feb. 12, 4:35 PM | 1 Comment
  • Thu, Feb. 11, 6:07 PM
    • CBS (CBS +1.6%) turned lower in after-hours trade, -1.9%, despite an upbeat earnings call following the company's Q4 revenue beat and all-time high profits that grew 19%.
    • Typically sunny CEO Les Moonves thinks that bodes even better for coming days. "Advertising is as robust as we've seen in a long time," he says. "Scatter pricing is way up over last year's upfronts -- a fact that will be fresh in the minds of buyers as they approach this year's upfront in just a few months."
    • An "extremely competitive" presidential election will boost ads as well. He expects a huge lift in political advertising in the third and especially the fourth quarters.
    • Moonves again said a $9.99 commercial-free version of its CBS All Access streaming service, a la Hulu, is a great possibility. The math may be fairly straightforward: The service costs $5.99/month, and advertising brings in about $4/sub.
    • And Moonves pointing to the growing benefits of owning their own content; he's floating the idea of using CBS Studios for more original work for the streaming service.
    • Previously: CBS beats on revenue, meets on profits for Q4 (Feb. 11 2016)
    • Previously: CBS reports Q4 results (Feb. 11 2016)
    | Thu, Feb. 11, 6:07 PM
  • Thu, Feb. 11, 4:30 PM
    • CBS (NYSE:CBS): Q4 EPS of $0.92
    • Revenue of $3.91B (+6.3% Y/Y)
    • Shares -1.9%.
    • Press Release
    | Thu, Feb. 11, 4:30 PM | 1 Comment
  • Thu, Feb. 11, 4:18 PM
    • CBS (CBS +1.8%) is 1.4% lower after hours following a Q4 report where it met profit expectations and beat easily on revenue.
    • Sales grew 6% Y/Y, driven by higher content licensing and distribution (with international sales key to that). Affiliate and subscription fees -- a hot topic in the cord-cutting era -- grew 13%.
    • Revenue by segment: Entertainment, $2.46B (up 8.8%); Cable networks, $562M (up 12.6%); Publishing, $233M (up 8.4%); Local Broadcasting, $719M (down 8.4%).
    • "With Super Bowl 50 here in the first quarter and political spending ramping up into the fourth, we expect 2016 will be a very good year for advertising," says CEO Les Moonves. "At the same time, our other high-margin revenue streams continue to thrive."
    • Conference call to come at 4:30 p.m. ET.
    • Press release
    | Thu, Feb. 11, 4:18 PM
  • Wed, Feb. 10, 5:35 PM
  • Nov. 3, 2015, 4:31 PM
    • CBS is off 1.8% after hours, following Q3 results where it marked a solid profit beat despite revenues that missed slightly after dipping 3.3% from last year.
    • Cable Network revenues took the brunt of the revenue fall, down nearly 16%.
    • Revenue by segment: Entertainment, $1.93B (up 1%); Cable Networks, $526M (down 15.7%); Publishing, $203M (up 2%); Local Broadcasting, $638M (down 6.2%).
    • Revenue by type: Advertising, $1.48B; Content licensing and distribution, $1.05B; Affiliate and subscription fees, $664M; other, $66M.
    • Conference call to come at 4:30 p.m. ET.
    | Nov. 3, 2015, 4:31 PM | 1 Comment
  • Nov. 3, 2015, 4:08 PM
    • CBS (NYSE:CBS): Q3 EPS of $0.88
    • Revenue of $3.26B (-3.3% Y/Y)
    • Shares -0.02%.
    | Nov. 3, 2015, 4:08 PM
  • Nov. 2, 2015, 5:35 PM
  • Aug. 5, 2015, 9:20 PM
    • In the CBS earnings call, CEO Les Moonves conceded that the upfront ad volume was down this year, but expressed real confidence that the broadcaster was making it up in scatter buying.
    • "We were once again the leaders in pricing, with mid-single-digit CPM increases," he said. "True, volume was not as robust as in years past ... people are just waiting longer to make their buying choices ... but right now we are seeing the scatter ad market accelerate rapidly in the third quarter with double-digit gains in pricing."
    • Moonves expected the network to continue making gains throughout the upcoming TV season -- which he predicted CBS would win again.
    • He also made good on a prediction during the last Super Bowl that his network would crest $5M for a 30-second ad during the 2016 game, saying the network was drawing that price now, after pulling a reported $4.6M-$4.7M as of last week.
    • And in an environment where the threat of over-the-top services is driving down media stocks, Moonves welcomed the advent of unbundling. "I assure you that CBS is a must-have for each [streaming player] ... This is especially important, with any kind of skinny bundle that comes along -- and they are coming along -- these new bundles will increasingly pay us higher rates more in line with the large audiences who watch our content."
    • Questioned on that, he said: "Guess what? Every skinny bundle deal that's out there ... the ecosystem gets validated toward 'He who has the most viewers gets the most money.' I know it's an odd concept for some of the cable companies, but that's the way it should be."
    • "So any time there's a new bundle that you hear out there, you can assume that CBS is applauding it because we are gonna get paid more than we get paid by the traditional MVPDs."
    • Shares were down 2% in the after-hours session.
    • Previously: Cable networks, fees lead CBS to beat expected revenues, profits (Aug. 05 2015)
    | Aug. 5, 2015, 9:20 PM | 1 Comment
  • 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
    | Aug. 5, 2015, 4:21 PM
  • Aug. 5, 2015, 4:03 PM
    • CBS (NYSE:CBS): Q2 EPS of $0.74
    • Revenue of $3.22B (+0.9% Y/Y)
    • Shares +0.18%.
    | Aug. 5, 2015, 4:03 PM
Company Description
CBS Corp. operates as a mass media company, which creates and distributes content across a variety of platforms to audiences around the world. The company operates its business through following segments: Entertainment, Cable Networks, Publishing and Local Broadcasting. The Entertainment segment... More
Sector: Services
Industry: Broadcasting - TV
Country: United States