CBS reported fourth-quarter earnings and income that beat analysts’ expectations on Thursday.
This is how the corporate did in contrast with what Wall Road anticipated:
- EPS: $1.20 vs. $1.14 anticipated in line with Thomson Reuters
- Income: $three.92 billion vs. $three.70 billion anticipated in line with Thomson Reuters
- Leisure income: $2.82 billion vs. $2.59 billion anticipated by StreetAccount
- Cable networks income: $547 million vs. $540.1 million anticipated by StreetAccount
- Publishing income: $235 million vs. $216.5 million anticipated by StreetAccount
- Native media income: $450 million vs. $474.1 million anticipated by StreetAccount
Within the year-ago quarter, CBS reported adjusted earnings of $1.11 per share on income of $three.52 billion.
The inventory gained about 2 p.c in after-hours commerce following the report.
Chairman and CEO Les Moonves stated that the corporate’s “complete subscriber base continues to develop at an accelerated tempo.” He stated that streaming providers CBS All Entry and Showtime OTT now have practically 5 million subscribers mixed. Moonves additionally stated that CBS is assured that it’s going to exceed its purpose for eight million subscribers by 2020.
In a Thursday earnings name, Moonves highlighted CBS’ offers with streaming providers like Hulu and YouTube TV.
“These streaming providers pay us greater than we get from conventional bundles and are having an even bigger impression on our affiliate and subscription income on a regular basis. The even higher information is whereas all that is taking place, our income from conventional MVPDs is powerful with plenty of room to develop,” he stated.
CBS stated that its affiliate and subscription payment revenues grew 20 p.c through the fourth quarter and 26 p.c for the total 12 months.
The printed media firm’s outcomes come amid a flurry of consolidation in its business, together with chatter about CBS’ potential reunion with Viacom.
CNBC reported Wednesday that the CEOs of the businesses met Friday to debate the potential deal. Sources instructed CNBC that Moonves and Viacom’s Bob Bakish had requested due-diligence supplies.
Earlier this month, the boards of each firms introduced that they had shaped particular committees to look into the potential of recombining. Each CBS and Viacom stated, nonetheless, deal isn’t assured.
If made, the deal would possible be structured as CBS, with a market worth of $22 billion, shopping for Viacom, with a market worth of $13 billion.
CBS and Viacom have been break up greater than a decade in the past by media mogul Sumner Redstone. His daughter, Shari Redstone, has reportedly been a serious proponent of recombining CBS and Viacom.
The Redstones have controlling stakes in each CBS and Viacom by their privately held Nationwide Amusements.
That is breaking information. Please verify again for updates.