Wasserman L.A. Committee OKs Mayor Signing Bid Contract Danica Patrick Renews Healthcare Partnership DraftKings Breaking Ad Campaign ESPN Adding New College Sports Service Mariners Fire GM Jack Zduriencik 49ers Take Another Image Hit With Brooks Charge Yahoo's Forde Balances CFB, Daughter's Swim Meet Russell Wilson Clarifies Water Comments Dolphins Unveil Sun Life Stadium Renovations
SBD/May 9, 2014/FinancePrint All
CBS Corp. said that Q1 net income “rose just 1.1% as the company faced difficult comparisons with a year-earlier period that included a broadcast of Super Bowl XLVII,” according to Brian Steinberg of VARIETY. Revenue came to $3.86B in the period, compared with $4.04B a year earlier. CBS said that “activity around the Super Bowl broadcast had brought in more than” $280M in revenue in early ‘13. Entertainment revenues for Q1 fell 9% to $2.30B from $2.54B in ‘13, owing to the Super Bowl broadcast in ‘13 as well as the "broadcast of two fewer NCAA men’s basketball championship games" in Q1 of ‘14 (VARIETY.com, 5/8). CBS President & CEO Les Moonves in the conference call also said that the net's new Thursday night NFL broadcasts will get a "high number" in ad revenue (THE DAILY). At presstime, shares of CBS were trading at $56.33 per share, down 2.90% from the close of business yesterday (THE DAILY).