CBS Radio Revenue Up 1% in Q4
CBS Radio reported a 1% increase in revenue for the fourth quarter of the year. Overall company revenue was up 2% to $3.7 billion in the quarter.
Higher ad revenues accounted for the growth, especially the bump in political advertising, according to company officials.
CBS Corp. Executive Chairman Summer Redstone said the results speak to the “strength of our strategy — producing and distributing great content and monetizing it over and over again.”
Wells Fargo Senior Analyst Marci Ryvicker says the company’s Radio Sports network is likely to contribute “a few million additional dollars” to the company going forward.
The broadcaster also announced its accelerating the pace of its share repurchasing program by another billion dollars.