CBS Beats 3Q Earnings Forecasts With Retransmission Consent And Digital Dough

CBS also introduced it’s growing its share repurchasing program by $1.5B — ithas already spent $850M in the previous $1.5B authorization. For 3Q earnings, CBS states it had internet gain of $338M, up 6.6% versus a year ago’s 3Q, on revenues of $3.37B, up 2%. Earnings at 50 cents a share beat the 46 cents that experts expected, despite the fact that they figured that revenues will be at $3.43B. The business states that revenues for your Entertainment unit, such as the CBS network and CBS Films, was up 1% to $1.63B. It cites challenges from “the timing of domestic distribution sales” just like a challenge even though it accomplished good success from new cash from pay TV retransmission consent deals and digital streaming contracts with companies including Netflix. Cable systems, including Showtime, were up 14% to $420M, partly due to rate increases. The Simon & Schuster posting unit was up 1% to $220M, aided by sales of Jaycee Dugard’s A Stolen Existence and Dick Cheney’s Throughout Time. However the organization’s local TV and r / c were lower 3% to $656M without a year ago’s political ads. Outdoors ad sales were up 4% to $477M aided by modifications in forex rates. CBS chief Ces Moonves states he's “confident that individuals will close out 2011 strongly, and anticipate a great 2012 through which we'll progressively make the most of movie, retransmission consent, reverse compensation from affiliate entrepreneurs, worldwide and native options additionally to political advertising that offers to be really robust.”