The New York-based firm, whose exhibits embrace “Big Bang Theory” and “NCIS” reported robust outcomes because it and Viacom, that are each managed by Sumner Redstone and his daughter Shari, have begun powerful negotiations over worth and administration of a mixed firm.
Shares of the corporate have been barely greater in after-hours buying and selling.
CBS executives declined to remark on merger talks with Viacom on the analyst name Thursday, and Chief Executive Leslie Moonves was upbeat concerning the firm’s capability to proceed to develop based mostly on its present technique of accelerating income outdoors of promoting.
“The strategy that we have laid out for you is clearly working and the good news is that there is much more to come,” Moonves mentioned on the decision.
The proprietor of the most-watched U.S. tv community mentioned affiliate and subscription charges income which incorporates income from cable and satellite tv for pc TV operators and from on-line streaming suppliers, together with its personal All Access providing rose 16.three p.c within the first quarter.
More than two-thirds of subscribers to CBS’ on-line streaming choices are electing to pay extra for the companies to look at them with out advertisements, mentioned CBS Chief Operating Officer Joseph Ianniello, on the decision.
“This number should only increase,” he mentioned, which ought to assist cut back dependence on promoting for income.
Advertising income rose eight.1 p.c to $1.73 billion and CBS executives mentioned they anticipated continued development in promoting past 2018.
CBS reported web revenue from persevering with operations of $511 million, or $1.32 per share, within the first quarter ended March 31, up from $454 million, or $1.09 per share, a 12 months earlier.
Excluding one-time objects, CBS reported a revenue of $1.34 per share, beating analysts’ common estimate of $1.19, in keeping with Thomson Reuters I/B/E/S.
CBS mentioned income rose 12.5 p.c to $three.76 billion. Analysts on common had anticipated income of $three.64 billion.