CBS beats the Street
In all, the company pulled down $3.37B in revenue. Political was a big factor in the gains, and so too was an income boost attributable to its broadcast of Thursday Night Football.
According to Hollywood Reporter, CBS didn’t beat that Street by all that much – it was expected to bring in $3.32B.
Local broadcast was the company’s strongest segment, with a gain of 6% to $680M.
Cable networks also did well up 5% to $624 million.
The dark cloud – advertising was said to be sluggish – income solely attributable to advertising was up only 1.6%.
CBS exec Les Moonves said he was very happy with CBS Networks kickoff of the new season. And he said that by 2020, he expects the company will be earning $2B in retrans and reverse compensation fees.