CBS misses revenue estimates on weak content licensing and distribution

(Reuters) - CBS Corp on Thursday reported fourth-quarter revenue below analysts' estimates due to a drop in content licensing and distribution sales, sending its shares down nearly 3 percent in after market trading. Revenue in its content licensing and distribution business fell 11.3 percent to $1.06 billion in the quarter.

Reuters February 15, 2019 04:05:07 IST
CBS misses revenue estimates on weak content licensing and distribution

CBS misses revenue estimates on weak content licensing and distribution

(Reuters) - CBS Corp on Thursday reported fourth-quarter revenue below analysts' estimates due to a drop in content licensing and distribution sales, sending its shares down nearly 3 percent in after market trading.

Revenue in its content licensing and distribution business fell 11.3 percent to $1.06 billion in the quarter.

The company pinned the blame on the timing of international licensing sales and several large domestic sales that occurred in the fourth quarter of 2017.

While media majors Walt Disney Co and AT&T Inc are tapping into their extensive film and TV libraries to launch streaming rivals to Netflix Inc and Amazon.com's Prime video, smaller players CBS and sister company Viacom Inc are focused on providing original content to other distributors.

Both CBS and Viacom, controlled by National Amusements, are expected to rekindle merger talks in the coming months after attempts to combine the two fell apart last year.

CBS, home to popular shows such as the "Big Bang Theory," and "NCIS", said advertising revenue during the reported quarter rose 7.3 percent to $1.87 billion.

The company said affiliate and subscription fee revenue, which includes income from cable, satellite and streaming TV providers as well as its own All Access offering, rose to $1.03 billion from $923 million a year before.

Net income from continuing operations rose to $561 million, or $1.49 per share, in the quarter ended Dec. 31 from $40 million, or 10 cents per share, a year earlier.

The company recorded a $129 million charge related to the changes in the U.S. tax law last year.

CBS said total revenue rose 2.6 percent to $4.02 billion, below estimates of $4.13 billion, according to IBES data from Refinitiv.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Anil D'Silva)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Putin says he has noted Joe Biden's harsh anti-Russian rhetoric
World

Putin says he has noted Joe Biden's harsh anti-Russian rhetoric

MOSCOW (Reuters) - Russian President Vladimir Putin said on Wednesday he had noted what he called "sharp anti-Russian rhetoric" from U.S. Democratic presidential candidate Joe Biden, but that he had been encouraged by Biden's comments on arms control. Putin, in comments on state television ahead of the U.S.

In hardening stance, France, Germany push for EU sanctions on Russians over Navalny
World

In hardening stance, France, Germany push for EU sanctions on Russians over Navalny

By John Irish and Robin Emmott PARIS/BRUSSELS (Reuters) - France and Germany said on Wednesday they would propose European Union sanctions against Russian individuals after receiving no credible answers from Moscow over the poisoning of Kremlin critic Alexei Navalny with a nerve agent. Several Western governments have said Russia, which has denied accusations by Navalny that it was involved in the poisoning, must help in investigations or face consequences. The decision and speed with which Europe's two main powers agreed to push ahead with sanctions suggests a hardening of the bloc's diplomacy towards Moscow.

Coronavirus patient Trump seeks ways to mount campaign comeback
World

Coronavirus patient Trump seeks ways to mount campaign comeback

By Steve Holland WASHINGTON (Reuters) - U.S. President Donald Trump, under coronavirus quarantine in the White House and restricted from traveling, is seeking ways to put a spark back in his struggling re-election bid and get behind his desk in the Oval Office with four weeks left until Election Day.