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MUMBAI:
US media conglomerate CBS has reported results for the first
quarter ended 31 March 2008.
Total
revenues of $3.7 billion for the first quarter of 2008 were flat with the same
quarter in 2007, when CBS broadcast Super Bowl XLI and the Semifinals of the NCAA
Men’s Basketball Tournament. First
quarter revenues in 2008 benefited from the impact of a new international self-distribution
arrangement for the CSI franchise, which was previously distributed by
a third party. It
reported profit of $244 million which marked a rise of 14 per cent.
On
an adjusted basis, operating income before depreciation and
amortization increased 10 per cent to $720 million and operating
income increased 11 per cent to $602.2 million principally
reflecting higher profits from syndication sales, which included
the impact of the new international self-distribution arrangement
for the CSI franchise, partially offset by lower advertising
sales at Radio.
CBS
Corporation executive chairman Sumner Redstone says, "The solid financial
performance of CBS Corporation, in spite of a challenging economic environment
demonstrates the enduring strength of its brands and world-class assets.
"Leslie
and his team are consistently delivering strong results while positioning CBS
for future growth and returning significant cash to shareholders." CBS
Corporation president and CEO Les Moonves says, "As a result of our continued
confidence in our businesses, we are increasing our quarterly dividend by eight
per cent to $.27 per share, paying among the highest dividends in the industry.
"
Driving the company’s performance this quarter was significant
profit improvement at Television, led by a new distribution
arrangement for our valuable CSI franchise in international
markets. We also continued to drive digital operations forward,
nearly doubling our online revenues for March Madness on Demand.
At Radio, we are seeing positive signs early in the second
quarter with sales pacing up over last year in some of our
larger markets.
"And
our recent acquisition of the largest outdoor company in South
America adds to CBS Outdoor’s portfolio of fast-growing
attractive billboard markets."
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