CBS Beats 3Q Earnings Predictions With Retransmission Consent And Digital Dough

CBS also introduced it’s growing its share repurchasing program by $1.5B — ithas already spent $850M from the previous $1.5B authorization. For 3Q earnings, CBS states it had net gain of $338M, up 6.6% versus this past year’s 3Q, on revenues of $3.37B, up 2%. Earnings at 50 cents a share beat the 46 cents that experts expected, even though they figured that revenues will come in at $3.43B. The organization states that revenues for that Entertainment unit, including the CBS network and CBS Films, was up 1% to $1.63B. It cites challenges from “the timing of domestic distribution sales” like a challenge although it achieved positive results from new cash from pay TV retransmission consent deals and digital streaming contracts with companies including Netflix. Cable systems, including Showtime, were up 14% to $420M, partially because of rate increases. The Simon & Schuster posting unit was up 1% to $220M, assisted by sales of Jaycee Dugard’s A Stolen Existence and Dick Cheney’s During My Time. But the organization’s local TV and r / c were lower 3% to $656M without this past year’s political advertisements. Outside ad sales were up 4% to $477M assisted by alterations in foreign currency rates. CBS chief L'ensemble des Moonves states he's “confident that people will close out 2011 strongly, and anticipate a good 2012 by which we'll progressively take advantage of movie, retransmission consent, reverse compensation from affiliate marketers, worldwide and native possibilities in addition to political advertising that promises to be really robust.”