SBD/May 9, 2014/Finance

CBS Sees Q1 Revenue Drop Without Super Bowl, Fewer Men's Final Four Telecasts

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).
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