DATA HARD

Wednesday, February 15, 2012

CBS CONTINUES TO MAKE TOO MUCH DAMN MONEY.

From PR Newswire

"CBS's strategy of producing and distributing industry-leading content around the world and across multiple platforms continues to pay off," said Sumner Redstone, Executive Chairman, CBS Corporation. "Our programming gets stronger every year, and our financial performance grows more and more robust. I am proud of the efforts of Leslie and his team, and I am certain CBS will continue to be a powerhouse throughout this year and beyond."

"2011 was a record year for CBS, and we're confident 2012 will be even better," said Leslie Moonves, President and Chief Executive Officer, CBS Corporation. "In the fourth quarter, margins continued to expand, and EPS continued to grow. And we've recently taken strategic steps to accelerate our growth in what we see as an improving marketplace. We've reached another key retransmission agreement, and we've extended our NFL contract well into the future. In addition, the performance of the CBS Television Network in the first half of this season was the industry's best in decades. Plus, as the election season progresses and the automotive rebound continues, our local businesses will continue to improve. What's particularly exciting, however, is our ability to capitalize on the fundamental changes in our business model, meaning that the ways we get paid for our content are becoming more lucrative all the time. As our momentum builds and our revenue mix becomes more steady and recurring, we are positioned to enhance margins, drive earnings, and return significant value to our shareholders for many years to come."

Revenues were $3.78 billion for the fourth quarter of 2011 compared with $3.90 billion for the fourth quarter of 2010, which included the second-cycle syndication sale of CSI: Crime Scene Investigation and significant political advertising. Revenues in 2011 benefited from the Company's new digital streaming agreements and higher affiliate and subscription fees, including retransmission revenues.

Full year 2011 revenues of $14.25 billion increased 1% from the prior year, led by growth in higher-margin revenues, including a 6% rise in content licensing and distribution revenues, which were driven by new digital streaming agreements; a 9% increase in affiliate and subscription fee revenues; and growth in underlying advertising revenues. Comparability of revenues for 2011 was affected by the benefits to 2010 from CBS Television Network's broadcast of Super Bowl XLIV and significant political advertising revenues for midterm elections, as well as the new programming agreement for the NCAA Division I Men's Basketball Championship ("NCAA Tournament"), which resulted in lower revenues but higher profits for 2011.