CBS Radio Q4 Revenues Decline
Local CBS Radio and television revenues combined for the fourth quarter of 2013 decreased 9% to $719 million from $787 million for the same prior-year period.
CBS cites lower political advertising revenues for the drop, compared with 2012, which benefited from the U.S. presidential election.
Revenues for CBS Radio and television stations decreased 4% and 12%, respectively. Nonpolitical revenues for CBS Radio were comparable with the fourth quarter of 2012 while nonpolitical revenues for its television stations increased 9%.
Combined local broadcasting operating income before depreciation and amortization for Q4 2013 decreased 19% to $263 million from $325 million for the same prior-year period, primarily driven by lower political advertising revenues. Operating income includes restructuring charges of $5 million and $8 million for the fourth quarter of 2013 and 2012, respectively.
CBS Corp. President/CEO Leslie Moonves stated, “In addition to the solid performance of our base business, our fast-growing, nonadvertising revenue streams are playing a bigger and bigger role in our results, and they will continue to do so in the years to come.”