Automotive, political and financial services advertising increases propel growth.
CBS TV Station Revenue Rises 28% In 4Q
On Wednesday, CBS Corp. reported results for the fourth quarter ended Dec. 31, 2010, that included local broadcasting revenue of $821.5 million, up 20.8% from $680 million in the same period a year earlier, primarily driven by growth in advertising sales.
CBS Television Stations advertising revenues increased 28% reflecting the improved advertising marketplace across many key categories, including automotive and financial services, and higher political advertising sales. CBS Radio advertising revenues increased 14%, the highest advertising growth of the year.
“CBS’s exceptional fourth quarter results capped an extraordinary year for the Company,” said Sumner Redstone, Executive Chairman, CBS Corp. “Our strategy of producing and distributing the best content is proving to be highly successful in a multi-platform world. Given our very talented management team, and our pipeline and library of industry-leading content that just keeps getting better, CBS is poised for continued success well into the future.”
“CBS’s momentum accelerated throughout 2010, culminating in our best results of the year in the fourth quarter,” said Leslie Moonves, president-CEO, CBS Corp. “Every one of our operating groups achieved solid quarterly revenue growth, and double-digit OIBDA growth.
“On the television network, in domestic and international syndication, on cable and on new and emerging platforms, our content continues to outperform, and we’re increasingly being paid a premium for it as a result. The ongoing resurgence of our local businesses also had a very positive effect on the quarter.
“We see these positive trends – throughout our businesses – continuing into the first quarter of 2011, with robust network scatter and very strong local ad pacing.
Read the company’s report here.