CBS Q1 Profit Rises - Update

(RTTNews) - Media entertainment company CBS Corp. (CBS, CBS-A), Tuesday reported an increase in profit for the first quarter, driven largely by double-digit increase in revenues reflecting strong performance of television network segment.

The New York-based company's first-quarter profit rose to $473 million or $1.02 per share from $394 million or $0.78 per share last year.

Revenues for the first quarter grew 10 percent to $3.85 billion from $3.50 billion a year ago.

Advertising revenues grew 31 percent, driven by the CBS Television Network's broadcast of Super Bowl 50 and additional National Football League games, as well as a 12 percent increase in underlying network advertising.

Affiliate and subscription fee revenues rose 15 percent as retransmission revenues and fees from CBS Television Network affiliated stations increased. Content licensing and distribution revenues declined 29 percent, reflecting the timing of domestic and international television licensing sales.

Entertainment revenues for the quarter rose 14 percent to $2.59 billion, while Cable Networks revenues declined to $525 million from $539 million a year ago. Publishing revenues came in flat at $145 million, while local broadcasting revenues were up 9 percent to $596 million.

CBS closed Tuesday's trading at $55.66, down $0.81 or 1.43%, on the NYSE. The stock further rose $0.84 or 1.51% in the after-hours trade.