Cbs Eyes Record Profits

CBS chief Les Moonves sounded positively jubilant as the company reported record second-quarter earnings. Predicting that 2012 will represent a record year for the company, Moonves pointed out that it will benefit from increased political advertising in advance of the presidential election and that it is currently showing increased results for its billboard business in the U.K. from the London Olympics. "And as we head into 2013, we will benefit from the Super Bowl, CBS's success in the upfront marketplace, as well as from a number of hit shows that will be sold into syndication," Moonves said. Operating income for the quarter rose 5 percent from a year ago to $769 million, while net earnings rose 8 percent to $427 million. Those increases came despite a slight decrease in overall revenue to $3.48 billion from $3.59 billion during the same quarter a years go. In a conference call, Moonves expressed confidence that CBS and the other broadcast networks will inevitably prevail in their lawsuit against Aereo, Barry Diller's service that uses a huge bank of tiny antennas to grab programs off the air and allow users with smartphones and/or tablets to stream them online. Referring to a federal court's recent refusal to grant the networks a temporary injunction to block Aereo, Moonves said, "It is not even the first out in the first inning."

03/08/2012


Contactmusic

Tags: CBS - Billboard - Les Moonves - Super Bowl


Advertisement

Editors Recommendations

Contrary To Her Song Lyrics, Lana Del Rey Worked Her Way To The Top

Lana Del Rey is no stranger to vicious rumours, but she definitely did not...

Contrary To Her Song Lyrics, Lana Del Rey Worked Her Way To The Top

Weird Al Scores First U.S Number 1 With New Album

The album was released only one week ago and sold 103,000 copies to secure the top...

Weird Al Scores First U.S Number 1 With New Album

Peaches Geldof's Cause of Death Confirmed as Heroin Overdose

The second daughter of musician Bob Geldof, Peaches Geldof was thrust...

Peaches Geldof's Cause of Death Confirmed as Heroin Overdose

Robert Downey Jr.IS Iron Man... But For How Long?

You know who he is. Robert Downey Jr.’s involvement in the Iron Man franchise has been...

Robert Downey Jr.IS Iron Man... But For How Long?

Hercules Extended Trailer

Following his deadly ordeal of being put through the Twelve Labours by his father Zeus and his...

Hercules Trailer

Miley Cyrus Appears in Pharrell's New Video 'Come Get It Bae'

Cyrus also features on the track's vocals, and -perhaps most shockingly of all- resists...

Miley Cyrus Appears in Pharrell's New Video 'Come Get It Bae'
Advertisement

That Time Snoop Dogg Puffed Mary Jane at The White House

Snoop Dogg has joined Willie Nelson as weed-loving musicians who have smoked...

That Time Snoop Dogg Puffed Mary Jane at The White House

Gershwinner: Our Top 5 Billy Joel Songs

Billy Joel has long been regarded as one of music’s finest songwriters but it will soon be all more official...

Gershwinner: Our Top 5 Billy Joel Songs

Rob Reiner's 'And So It Goes' Is A Safe Bet At The Cinema This Weekend

Fresh from the critical and box office success of Behind The Candelabra, for...

Rob Reiner's 'And So It Goes' Is A Safe Bet At The Cinema This Weekend


More recommendations

Advertisement

Comments

CBS Newsletter

Subscribe to this news alert service to receive news and reviews on CBS

Unsubscribe | Unsubscribe All