CBS Posts Best-Ever 3Q Results

CBS Corporation Wednesday reported the Company's best-ever third quarter results across key metrics, including revenues, OIBDA (operating income before depreciation and amortization), operating income, and diluted earnings per share.

"CBS's third quarter proves once again why content is king," said Sumner Redstone, Executive Chairman, CBS Corporation. "Our programming is becoming more valuable all the time as we continue to take advantage of the ever-expanding multiplatform world. With Les and his team leading the way, I know that CBS is poised for continued success for many years to come."

 "Our record third-quarter results--driven by double-digit revenue growth--are the continuation of a phenomenal first half, and provide more clarity on what will be another amazing full year for the CBS Corporation," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. 

Les Moonves

"We continue to launch new hits--from Under the Dome and Ray Donovan this summer to the top three new comedies on television this fall. Through our studio, we have an ownership interest in most of these shows, meaning that their success not only boosts our base business, but also our newer revenue streams as well, including very strong growth in retransmission consent fees, reverse compensation, international sales and all the opportunities afforded to us by exploding advances in technology. 

Plus, we are working toward a new advertising model in which we get paid for the significant, additional viewing that is increasingly taking place after a show first airs."

• Revenues of $3.63 billion for the third quarter of 2013 grew 11% from $3.27 billion in the same prior-year period, driven by increases in each of the Company's major revenue types.
• Content licensing and distribution revenues grew 18%, led by domestic licensing revenues from the first-cycle availabilities of NCIS: Los Angeles and The Good Wife.
• Advertising revenues increased 4%, driven by the strength of network advertising, which grew 13%.
• Affiliate and subscription fee revenues rose 23%, principally reflecting the benefit from a Floyd Mayweather pay-per-view boxing event, as well as steady growth from retransmission revenues and fees from CBS Television Network-affiliated television stations.