CBS Falls Short Of Wall Street Expectations In Q4 Earnings

CBS "missed Wall Street's projections" for Q4 as "revenues derived from content licensing and distribution fell 11%, even as its results were buoyed by advertising" tied to the '18 midterm elections. Reporting after markets closed yesterday, CBS reported net income from continuing operations of $561M, compared with $4M in the year-ago period (VARIETY.com, 2/14). CBS fell short of expectations "largely due to a dip in its Entertainment unit caused by timing of international licensing deals and tough comparisons with domestic sales in the year-ago quarter." Meanwhile, CBS All Access and Showtime combined have "reached 8 million direct-to-consumer subscribers" (DEADLINE.com, 2/14).