CBS Corp. said third quarter profit rose despite dips in revenue at its flagship TV operations as higher retransmission and affiliate fees and a surge of interest in a Floyd Mayweather boxing match distributed via Showtime helped buoy results.
The company’s net income from continuing operations fell to $418 million, or $1.03 per share, in the quarter compared with $466 million, or $1.04 per share, a year earlier.
Revenue for the third quarter rose 3% to $3.17 billion from $3.08 billion in the year-earlier period.
In a sign of how consumption of video entertainment is changing, CBS said affiliate and subscription fee revenue rose 52%, citing distribution in the period of a high-profile pay-per-view fight between Floyd Mayweather and Conor McGregor. What’s more, retransmission revenue and fees from CBS network affiliates rose 27%. But revenue related to content licensing fell 22%, and advertising revenue dipped 5%, largely due to lower sales of political advertising after an election year.
“As consumers cut the cord and switch to skinny bundles or go over-the-top, the economics get better for us,” said CBS Corp. CEO Leslie Moonves during a conference call Thursday with investors.
More to come…
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