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CBS Radio Revenue Off 8% in Quarter

CBS Radio Revenue Off 8% in Quarter

A weak radio ad market is being cited by several publicly traded broadcast companies for negative numbers in the second quarter.
At closely watched CBS, radio revenue fell 8% in the quarter to $519.1 million. In addition to a soft market, the company also blamed the impact of programming changes at 27 stations. (The name “Stern” did not appear in the company’s official statement.)
CBS recently eliminated 100 staff positions to reduce costs.
Commenting on its financial picture overall, Executive Chairman Sumner Redstone stated that he is “very pleased with CBS Corporation’s early performance as a stand-alone company.” The overall company posted a higher quarterly profit thanks to a tax benefit but its revenue slipped 1 percent to $3.48 billion.
President/CEO Leslie Moonves said he was pleased with growth in television, outdoor and publishing in the first half but he said, “Radio has struggled as the marketplace continues to face challenges. Nevertheless, we are encouraged by the early results of many programming changes, particularly during morning drive time.”
Moonves said the planned sale of some stations in smaller markets, as reported previously, “will enable us to focus all of our energies on higher-growth markets, and recent initiatives to reduce radio’s cost structure will enhance the turnaround.”
Reuters on Thursday quoted a CBS official saying the company expects to reach deals to sell some stations over the next several weeks.