CBS O&O's See Profits Rise
/Do you work at a CBS O&O?
Go in and ask for a raise before the Weekend.
CBS Corp. on Thursday reported results for the fourth quarter and full year ended Dec. 31, 2012, that included Local Broadcasting revenues (which includes CBS Radio) of $787 million, up 9% from $721 million for the same prior-year period, reflecting higher political advertising and retransmission revenues. CBS Television Stations revenues increased 17%, while CBS Radio revenues were up 1%.
Local Broadcasting OIBDA for the fourth quarter increased 22% to $325 million from $266 million for the same prior-year period, primarily driven by the revenue growth.
"CBS has turned in another quarter of exceptional performance, capping off another terrific year," said Sumner Redstone, executive chairman, CBS Corporation. "Our results today speak to the strength of our strategy — producing and distributing great content and monetizing it over and over again. I am confident that Leslie and his team will continue to capitalize on all of the opportunities we have before us this year and beyond."
