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CBS Radio Revenue Decreases 2%


If you weren't getting the picture before today, you certainly will be after today. Television is getting a lot more love from advertisers than radio. When discussing TV, CBS CEO Les Moonves could hardly contain his giddiness during the 2nd quarter conference call Thursday evening. And radio got a passing mention. Moonves said in 2012, "We are focused on our best-performing formats, especially news and sports." He then went on to say a few words about the new sports network CBS radio is launching in January. Radio revenue at CBS decreased 2 percent in the 2nd quarter.

Moonves said 80 percent of the ads for the next Super Bowl, which will be broadcast on CBS, are sold already. And, he says, at terrific prices. Here is how the CBS segments came in for the quarter.

Entertainment (CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Films, and CBS Interactive) Entertainment revenues of $1.71 billion for the second quarter of 2012 decreased 7 percent from $1.84 billion in the same prior-year period. Last year's second quarter benefited from the initial licensing of the company's programming for digital streaming, the third-cycle domestic syndication sale of Frasier, and the semifinals of the NCAA Division I Men's Basketball Championship, which aired during the first quarter of 2012 versus the second quarter of 2011. Some of the impact was offset by growth in high-margin retransmission revenues and higher international syndication revenues in the second quarter of 2012.

Cable Networks (Showtime Networks, CBS Sports Network, and Smithsonian Networks)
Cable Networks revenues for the second quarter of 2012 increased 8 percent to $446 million from $413 million for the same prior-year period. The results were driven by higher affiliate revenues, which reflect increases in rates and subscriptions at Showtime Networks (which includes Showtime, The Movie Channel, and Flix), CBS Sports Network, and Smithsonian Networks, as well as higher licensing revenues from the digital streaming of Showtime original series.

Publishing (Simon & Schuster)
Publishing revenues for the second quarter of 2012 increased 3 percent to $189 million from $183 million for the same prior-year period reflecting continued growth in digital book sales, partially offset by lower print book sales. Digital sales increased 44 percent from the same prior-year period and represented approximately 21 percent of total publishing revenues. Best-selling titles in the second quarter included "The Wind Through the Keyhole" by Stephen King and "Cowards" by Glenn Beck.

Local Broadcasting (CBS Television Stations and CBS Radio)
Local Broadcasting revenues for the second quarter of 2012 increased 2 percent to $704 million from $691 million for the same prior-year period. CBS Television Stations revenues rose 6 percent, reflecting increased spending by automotive manufacturers, higher political advertising, and higher retransmission revenues, which were partially offset by lower advertising spending by the retail and financial services industries. CBS Radio revenues decreased 2 percent as growth in automotive advertising was offset by a decline in spending by retail and financial services advertisers.

Outdoor (CBS Outdoor)
Outdoor revenues for the second quarter of 2012 decreased 2 percent to $481 million from $490 million for the same prior-year period, driven by the unfavorable impact of foreign exchange rate changes. In constant dollars, revenues increased 1 percent from the second quarter of 2011. Revenues for the Americas (which includes North America and South America) increased 2 percent in constant dollars for the second quarter of 2012, principally driven by growth in the U.S. billboards and displays businesses, partially offset by the impact from the nonrenewal of the Toronto transit contract. Revenues for Europe increased 1 percent in constant dollars, primarily reflecting higher advertising sales associated with the 2012 Summer Olympics in London. Some of this increase was offset by weakness in the European economy and the nonrenewal of certain contracts.

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