CBS Earnings Down After Selling Radio Stations

CBS reported lower earnings compared to last year, citing the sale of its radio division.However, revenues reportedly went up 3% to $3.26 billion dollars. The increase is being credited by 79% growth from digital initiatives. Specifically, CBS’ streaming subscriptions, retransmission revenues and fees from CBS Television Network affiliated Radio Station s.Meanwhile, ad revenues for the third quarter of 2018 were up 14%, partly due to political ad sales.“CBS continues to deliver for our shareholders and execute our long-term growth strategy,” began CBS President Joe Ianniello, who is also serving as the acting CEO.“We turned in our best third quarter ever in revenue and EPS, and we remain on track to achieve our 2018 outlook, with revenue growth in the high-single digits and EPS growth in the high teens, Ianniello added.What’s next for CBS.“Up ahead, 2019 looks to be another outstanding year, with the Super Bowl and Final Four back on CBS, strong gains in retrans and reverse comp, and continued growth in our direct-to-consumer streaming services, which are on track to reach a combined eight million subs, a year ahead of our original projections,” Ianniello shared. “Overall, we are confident that our strategy of growing CBS’ leadership position as a global multi-platform premium content company will lead to even greater creative and financial heights in the years to come.”