Online Deals Lift Cbs
CBS, which had long resisted putting its shows online, posted its best quarter ever on Monday, largely as a result of deals it made to put some of its shows online. "Our ability to capitalize on the fundamental shifts in our industry has led to the growth of significant new revenue streams and has also allowed us to increase our share of non-advertising revenue. At the same time, we continue to benefit from underlying advertising growth," CBS CEO Les Moonves said in a statement, as CBS reported that its net income rose to $363 million during the quarter versus $202 million for the comparable quarter a year ago. The results far exceeded analysts expectations, but apparently not those of Sumner Redstone, whose National Amusements company controls both CBS and Viacom. "I know we have the right strategy in place to propel CBS even beyond where it is today," Redstone said. "I know this because we have a management team that proves me right quarter after quarter after quarter."