CBS Earnings Fall, Radio Revenue Down 3 Percent

CBS reported earnings of 78 cents per share in the most recent quarter, beating the expectations of analysts who predicted about 72 cents per share, according to THR.

Profit and revenue were both down slightly from the year-ago period, but that was to be expected since the popular sitcom How I Met Your Mother ended and competitors like ESPN stole some viewers away with their coverage of FIFA World Cup soccer.

Revenue was $3.19 billion during the quarter, down from $3.37 billion. Net earnings were $439 million, down from $472 million.

CBS also said Thursday it was doubling its share repurchase program to $6 billion, following on the heels of 21st Century Fox and Time Warner, both which also increased their buyback plans. CBS also said it would increase its cash dividend to 15 cents per share from 12 cents previously.

Local Broadcasting revenues for the second quarter of 2014 were $665 million compared with $698 million in the same prior-year period, primarily a result of softness in the advertising marketplace. An increase in affiliate and subscription fee revenues partially offset the decline.

CBS Television Stations revenues were down 6%, with three percentage points of the decrease attributable to the nonrenewal of a sports programming contract and the absence of the broadcast of the semifinals of the NCAA Tournament on CBS in 2014.

Radio revenues were down 3%.