CBS Corp. turned in a strong quarterly financial showing, powered by subscription and advertising growth at its main broadcast-TV unit, after months of corporate turmoil in the upper ranks of the company.
The Wall Street Journal reports the media company on Thursday said subscriber revenue had hit a record at its direct-to-consumer streaming services including CBS All Access and Showtime OTT, which acting Chief Executive Joe Ianniello said CBS was significantly expanding.
Revenue from pay-TV distributors and its own affiliates also rose significantly and ad revenue increased by 14%.
Ianniello said he didn’t anticipate any dramatic changes in strategy or approach to the media business.
“Our priorities are first and foremost to reinvest in our business and that’s content creation, I don’t see any change in our philosophy,” Mr. Ianniello told Wall Street analysts.
The earnings call was the first for CBS since Mr. Ianniello was named acting chief executive in September after longtime Chairman and Chief Executive Les Moonves resigned in the wake of allegations of sexual harassment and assault. Mr. Moonves has denied the allegations.
CBS’s net profit fell to $488 million, or $1.29 a share, from $592 million, or $1.46 a share, a year earlier. On an adjusted basis, profit rose to $1.24 a share from $1.11 a share a year earlier.
Revenue rose 2.9% to $3.26 billion, including a 14% increase from advertising and an 8% increase from content licensing and distribution.
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