CBS Ups Profit on Streaming Revenue1 May, 2013 By: Erik Gruenwedel
Media company’s first-quarter TV content licensing and distribution benefit from 19% increase in streaming monies
CBS Corp. May 1 said its entertainment division generated first-quarter (ended March 31) operating income of $480 million, up 17% from $411 million in operating income during the previous-year period.
Revenue for the segment, which includes CBS Television Network, CBS Television Studios, CBS Global Distribution Group, CBS Films and CBS Interactive, topped $2.54 billion, up 10% from the same prior-year period, driven by higher ad revenue from Super Bowl XLVII, as well as growth in network affiliation fees.
CBS said it increased by 19% content license revenue from third-party subscription video-on-demand services such as Netflix, Amazon Prime and Hulu Plus.
Indeed, CBS' results set company records, including topping $4 billion in quarterly revenue for the first time and ranking tops among the 18-34-year-old demographic for the first time since 1991.