CBS Corp. posted third quarter earnings that beat expectations. Revenue, however, fell shy of estimates.
The media conglomerate’s earnings for the quarter came in at 95 cents per share, which is 3 cents ahead of analysts’ consensus estimate. The figure is down -23.4% from the year-ago period, though.
Total revenues increased modestly to $3.3 billion, and was below analysts' estimates of $3.58 billion.
During the quarter, the company’s direct-to-consumer revenue from CBS All Access and Showtime OTT grew +39% from the prior year.
CEO Joe Ianniello added that CBS’s content licensing revenue is also growing as the company ramps up production of programming for all of its platforms.
The company’s affiliate and subscription revenues surged +12%. Content licensing and distribution revenues climbed +1%. But ad revenues were -7% lower, compared to last year.
In December, CBS is expected to complete its $30 billion merger with Viacom Inc.
a mass media company
Industry Broadcasting