Digital Deals Boost Q3 Earnings At CBS - Multichannel

Digital Deals Boost Q3 Earnings At CBS

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CBS Corp.'s third-quarter earnings jumped 38%, fueled by revenue from digital streaming deals and lower TV programming costs.

Net earnings were $338 million, up from $245 million.

Revenues rose 2% to $3.4 billion, led by new digital streaming agreement and higher affiliate and subscription revenues. Ad revenues were flat at $2 billion. The company said it had growth in primetime, but political advertising was down from historic levels last year.

CBS's cable networks had adjusted income of $197 million, up from $165 million as revenues rose to $420 million from $370 million. Revenue growth reflected higher affiliate fees and a growth in subscribers.

CBS president and CEO Leslie Moonves added that CBS also continues to monetize its enormous library on new platforms, including domestic and international streaming deals signed since last quarter worth hundreds of millions of dollars.

international and local opportunities as well as political advertising that promises to be very robust," Moonves said.

Adjusted income for CBS's entertainment division jumped to $366 million from $237 million a year ago on flat revenues of $1.6 billion.

CBS's cable networks had adjusted income of $197 million, up from $165 million as revenues rose to $420 million from $370 million. Revenue growth reflected higher affiliate fees and a growth in subscribers.

Local broadcasting's income fell to $161 million from $170 million as revenues dropped to $656 million from $677 million.

Read more at B&C here.

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