Radio Revenues fall 29%
CBS posted their first quarter report last night after the markets closed and the news is not pretty. Radio is down 29% to $260 million..and worse than that profit fell to $44 million from $115 million in the first quarter last year. Overall, revenue was down to $3.16 billion from $3.65 billion. Meanwhile, CBS network is having one of its best rating seasons in years..the problem is the soft advertising market.
But, CBS head Les Moonves echoed News Corps chief Robert Murdoch earlier this week by saying the market is getting better and the outlook for the next quarter is good. He said there was an up indication from Madison Avenue based on their look at CBS fall season. Moonves and his CFO Fred Renyolds said they believed the company would see improvement in the second quarter.
TV revenues were down 12%...Home entertainment was up 70% to $62.7 million..Outdoor was down 24% to $380 million..profit fell to $38 million from $44 million. With its acquistion of Last.FM and CNET, revenue was up to $134 million from $53 million, but losses increased to $11.6 million from $2.7 million.
CBS has 29 TV stations and 134 radio stations.