| MUMBAI:
US media firm CBS has reported results for the second quarter ended 30 June, 2007.
Revenues
were $3.4 billion for the second quarter of 2007. This represented a decrease
by three per cent from $3.5 billion for the same quarter last year, reflecting
the absence of UPN (which ceased broadcasting in September 2006), the timing of
the semifinals of the NCAA Men's Basketball Tournament, which aired in the first
quarter in 2007 versus the second quarter in 2006, and the impact of radio and
television station divestitures. CBS
executive chairman Sumner Redstone says, "CBS Corporation has delivered yet
again. With smart, strategic acquisitions and selective investments, Leslie and
his team are positioning the company for the future while doing a terrific job
managing CBS's world class assets. I am proud of all we have accomplished and
confident that we'll
continue to capitalize upon the unique set of opportunities
that lie ahead."
CBS
president and CEO Leslie Moonves, says, "We had solid second quarter results
with mid-teens EPS growth on an adjusted basis, as well as strong free cash flow
which continues to allow us to return value to our shareholders. "I'm
pleased with our underlying revenue performance, coupled with the excellent showing
by the CBS Television Network in the Upfront marketplace, which underscores the
strength of our network television business. At the same time, we continue to
adjust our portfolio of assets, moving this quarter to complete the sale of several
television
and radio stations and investing in new digital properties. "Together
with a host of other strategic investments, our acquisition of Last.fm during
the quarter adds a compelling interactive extension to all of our content properties
and is helping us advance our overall strategy of building communities around
our industry-leading content."
For the six months ended 30 June, 2007, revenues of $7.03 billion decreased by
$26 million from the same prior-year period, as growth at publishing and outdoor
was offset by declines at radio and television, primarily reflecting the impact
of radio and television station divestitures and the absence of UPN. These
decreases were partially offset by the 2007 telecast of Super Bowl XLI on CBS
Network.
For
the long-term, the company is positioned to deliver rates of growth as follows:
low single-digit growth in revenues, mid single-digit growth in operating income
and high single-digit growth in earnings per share.
Television revenues for the
second quarter of 2007 decreased four per cent to $2.2 billion from $2.3 billion
for the same prior-year period as underlying revenue growth in the television
segment was more than offset by the timing of the semifinals of the NCAA Men's
Basketball Tournament, the absence of UPN and the impact of television station
divestitures. Ad
revenue decreased 11 per cent from the same prior-year period principally due
to these same three factors. Television license fees decreased eight per cent
principally due to the absence of the 2006 domestic syndication of Without A Trace.
Home entertainment revenues increased $83.4 million over the second quarter of
2006. | 
