CWEB - "CBS delivered a spectacular quarter as we continue to execute on our strategy of creating and distributing the content that audiences have to have," said Leslie Moonves, chairman and CEO of CBS Corporation. "We had double-digit revenue growth, and we set records in all key profit measures, with EPS coming in above a dollar for the first time in our Company's history. Advertising was extremely strong, growing 31 percent overall and 49 percent at the CBS Television Network, where we are on track to win the season in adults 25-54 and adults 18-49, as well as in viewers for the 13th time in 14 years." Next quarter we are anticipating even better results.
Separately, CWEB Ratings team rates the stock as a ' Buy ' with a score of A+ and upward of $90 a share by end of the year based on booming advertising from political and sports commercials. The Company's push to sell its shows around the world has made international distribution sales a significant revenue source, with CBS content licensed to more than 200 markets in more than 30 languages across multiple media platforms. That emphasis on exploiting content has also enabled CBS to strike lucrative, multiyear deals with the industry's biggest online distributors, including Netflix and Amazon.
CBS's other divisions have also been robust under Moonves' leadership, including interactive media. The Company's acquisition of CNET, Inc. in 2008 helped make CBS Interactive the premier online content network for information and entertainment, with more than 280 million people from around the world visiting its websites each month. In publishing, Simon & Schuster routinely releases hundreds of New York Times bestsellers every year, including dozens that make it to #1, and is the publishing home of some of the world's most recognized and prize-winning authors. Simon & Schuster is also a leader in digital publishing, with titles available across all major platforms and formats. In local broadcasting, CBS-owned TV stations are among the most-watched in the country, and CBS Radio is home to the most-listened-to radio stations in the U.S.
By distinguishing CBS as a producer and seller of world-class content across all mediums, Moonves has helped CBS Corporation grow in value, revenue and market share while identifying and developing key new revenue streams for future growth.
Entertainment segment revenues (which include CBS Television Network, CBS Television Studios, CBS Global Distribution Group, CBS Interactive and CBS Films) rose 14% to $2.59 billion for the first quarter of 2016 compared with $2.26 billion for the same prior-year period. Advertising revenues for the CBS Television Network grew 49%, driven by the broadcast of Super Bowl 50 and additional NFL games as well as 12% growth in underlying advertising. Additionally, affiliate and subscription fees grew 67% for the first quarter. These increases were partially offset by lower content licensing and distribution revenues as the first quarter of 2015 benefited from significant domestic licensing sales of NCIS and CSI.
Congratulations to Leslie Moonves the CEO of CBS News Corp for a great quarter!
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