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Nov-06-2009UPDATE 3-CBS profit beats Street, even as advertising hurts(topic overview)
CONTENTS:
- CBS, home to the top rated TV broadcast network, reported net earnings of $207.6 million, or 30 cents a share, compared to a loss of $12.46 billion, or $18.58 a share, a year ago, when it wrote down billions of dollars in assets. (More...)
- Plus, retransmission fee revenue will double next year based on contracts already signed, Moonves added. (More...)
- In a statement released Thursday, Winfrey's production company, Harpo Productions, said "she has not made a decision yet" on a move to cable but will make one before the end of the year. (More...)
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CBS, home to the top rated TV broadcast network, reported net earnings of $207.6 million, or 30 cents a share, compared to a loss of $12.46 billion, or $18.58 a share, a year ago, when it wrote down billions of dollars in assets. Revenue fell to $3.35 billion in the third quarter from $3.38 billion in the period a year ago, as sales dropped in its digital, radio and outdoor divisions. Revenue rose in its TV business, as higher affiliate revenue helped offset a tough advertising market. [1] NEW YORK, Nov 5 (Reuters) - CBS Corp ( CBS.N ) reported stronger-than-expected quarterly earnings on Thursday, as its television business received a boost from the syndication of hit shows like "Criminal Minds" and "Medium." Revenue from the sale of those shows helped mask what remains a bigger problem for CBS and the rest of the media industry: a year-long slump in advertising that is only starting to ease. CBS typically banks about 65 percent of its sales from advertising -- more than its rivals -- and in the third quarter that meant revenue dropped significantly in its radio, outdoor advertising and digital businesses. Only its TV business, where CBS is the top rated network, and its publishing business, Simon & Schuster, reported higher revenue in the quarter.[2] NEW YORK, Nov 5 (Reuters) - CBS Corp ( CBS.N ) reported better-than-expected quarterly earnings on Thursday, as its television business received a boost from the sale of hit shows like "Criminal Minds" and "Medium" into syndication. While those sales helped lift its TV business, the company's advertising revenue remained under pressure. Its digital, radio and outdoor divisions all posted drops in revenue. CBS is particularly vulnerable to advertising, with about 65 percent of its revenue typically coming from it. Chief Executive Les Moonves, in a conference call, said he saw better trends in both the economy and advertising. He affirmed the company's full year profit outlook. "We have been telling you that the second half of the year would be better than the first and today's results bear that out," he said.[3] Television revenues increased 9 percent to $2.27 billion in the third quarter, as higher affiliate revenue helped offset a tough advertising market. CEO Les Moonves said in a statement that the business continues to improve, and he saw better trends in the economy and ad sales. He affirmed the company's full-year profit outlook. "We have been telling you that the second half of the year would be better than the first and today's results bear that out," he said. CBS is particularly vulnerable to advertising, given its reliance on its TV network as well as radio, Internet and outdoor advertising businesses. About 65 percent of its revenue typically comes from advertising.[4]
Along with price increases, spot ad revenue will double in the fourth quarter compared to a year ago, Moonves said. "It will affect the fourth-quarter network revenue in a very positive way, and it is not insignificant," Moonves said. The company maintained its outlook for the fiscal year for operating income before depreciation and amortization to fall between $1.73 billion and $1.93 billion. CBS is also renegotiating agreements with cable and satellite operators so it is paid when they carry the CBS network signal or feeds from its local stations. Moonves said such deals should add "hundreds of millions of dollars to revenues annually" and make the broadcast business more like cable channels, which reap advertising and earn monthly fees ultimately paid by consumers. The company was faced with rumors Thursday about the possible departure of Oprah Winfrey's talk show from broadcast television to her own cable channel, The Oprah Winfrey Network. Moonves said on a conference call with analysts that talks were under way to keep her show from leaving. CBS Television Distribution earns revenue by selling "The Oprah Winfrey Show" to local TV stations nationwide, and in most large markets her show appears on the local ABC affiliate, although it also runs on local NBC, CBS and Fox stations. The queen of daytime television is in the 24th season of her talk show.[5]
Moonves was dismissive of an analyst's suggestion that CBS Corp. load the outdoor company up with debt, since the credit markets are currently receptive (CBS Corp. itself announced closing on a new $2 billion credit facility running for three years), and then spin it out to shareholders as a separate company. The CEO said he liked the cash flow from CBS Corporation's local media businesses and is sticking with them. (He did allow that CBS might still try to sell more of its radio stations and possibly some smaller market TV stations.) The company is changing its quarterly reporting segments and, beginning with Q4, Local Media will be reported as a new segment. That will include CBS Radio, CBS Outdoor and the O&O TV station group, which will not longer be lumped in with the network and cable businesses. At the beginning of Thursday's call, Moonves got a glowing endorsement from Executive Chairman Sumner Redstone, who said two things have become clear in this difficult year.[6]
"The operating environment for our businesses continues to improve and we are finishing the year with strong momentum," said Leslie Moonves, President and Chief Executive Officer, in the company's earnings release today. Revenues for the quarter totaled $3.35 billion; income was $565.6 million compared to a $13.48 million loss last year this same quarter. TV revenues and earnings were actually up this quarter, though radio saw lower profits and the companys' outdoor and interactive segments lost some money, due to soft ad markets.[7] Retransmission fees in 2010 are expected to nearly double what they were in 2009 based on contracts already in place, according to CBS Corp. CEO Leslie Moonves, sounding more bullish than he'''s been in some time on a third quarter earnings call with analysts. The company has already signed retransmission deals with Verizon, Dish, Time Warner Cable and Cablevision, '''We see it contributing hundreds of millions of dollars,''' he said, adding that broadcast networks are evolving into a one with a dual revenue stream and that the TV Everywhere initiative could potentially create a third.[8] CBS, home to the top rated TV broadcast network, said it earned 39 cents a share in the third quarter, excluding one-time items, on revenue of $3.35 billion.[4] CBS, home to the top rated TV broadcast network, reported net earnings of $207.6 million, or 30 cents a share, compared with a loss of $12.46 billion, or $18.58 a share, a year ago, when it wrote down billions of dollars in assets.[3] CBS's net earnings for Q3 were $207.6 million versus a net loss of $12.46 billion, and diluted earnings per share were 30 cents, compared to a loss of $18.58 per share a year ago.[9]
Net earnings were $207.6 million versus a net loss of $12.46 billion in the quarter last year when the company took a $14 billion impairment charge.[8]
CBS, which is based in New York, posted net income of $208 million, reversing a $12.5 billion loss a year ago in a quarter that was marred by impairment charges.[5]
CBS Corp. reported a solid profit for the third quarter, as its television revenue grew on syndication sales. The New York company joined several media peers this week in noting quarter-to-quarter improvement in what has been a dismal year for advertising.[10] Reflecting a weakened display advertising market, CBS Corp.' s third quarter Interactive revenues declined 15%, the company said on Thursday. That amounts to $121.3 million -- down from $142.3 million during the same quarter last year.[11]
CBS Corp. third quarter revenue was $3.35 billion, down from last year'''s quarter because of lower ad revenue.[8] CBS Corp. reported third quarter revenues were essentially flat at $3.35 billion when compared to $3.38 billion in 2008.[12]
Revenue fell to $3.35 billion in the third quarter from $3.38 billion in the period a year ago. That compares with analyst estimates of $3.19 billion.[3]
CBS Television segment revenue grew 9% on last year'''s third quarter to $2.27 billion thanks to higher TV license fees and affiliate revenue.[8] Time Warner Revs Fall 6%, Cable Nets Fare Better Time Warner's total revenues, including its TV, filmed entertainment, publishing and AOL divisions, fell 6% in the third quarter of 2009 compared to the same period in 2008, declining from $7.58 billion to $7.13 billion.[11] Higher theatrical and cable TV financial results lifted News Corp. net income 11% to $571 million in the third quarter.[11]
News Corp: Search, Ad Rev Declines Drove Digital Earnings Down In Q1 Principally due to lower search and advertising revenue, News Corp.' s Digital Media Group saw its earnings decrease by $22 million year-over-year, the company said during its fiscal first quarter earnings call Wednesday.[11] Adjusted for items, CBS reported earnings of 25 cents a share, compared with analyst expectations for 22 cents a share, according to Thomson Reuters I/B/E/S. CBS is particularly vulnerable to advertising, given its reliance on its TV network as well as radio, Internet and outdoor advertising businesses. About 65 percent of its revenue typically comes from advertising.[1] Adjusted earnings of 25 cents a share also beat the 22 cents a share analysts had expected, according to Thomson Reuters I/B/E/S. Its reliance on advertising, however, should mean CBS has the most to gain once marketers start spending to promote their brands on TV, radio or billboards. At least that is the predominant view on Wall Street -- one that has driven CBS shares 65 percent higher in the last six months. They were up 7.5 percent Thursday ahead of the earnings report. Chief Executive Les Moonves, in a conference call, said he currently saw better trends in advertising, with spending from categories including auto, retail, pharmaceuticals and entertainment recovering. "We have been telling you that the second half of the year would be better than the first and today's results bear that out," he said. He affirmed the company's full-year profit outlook.[2]
Plus, retransmission fee revenue will double next year based on contracts already signed, Moonves added. Local ad trends, which have been most hurt by the recession, are improving every week, according to the CEO. Excluding political ads, local TV station ad revenue was even up year-over-year in October, and those trends continue in November, he said. The CBS network has seen such high ad demand that the ad sales team has asked to make space for more ad units by cutting out some promo spots, Moonves said. [13] Gains in television license fees and affiliate revenues were partially offset by lower advertising sales. While ad sales have been down this year at the O&O stations, Moonves notes that, excluding political, spot sales were up for the TV group in October, so a rebound is underway. Scatter pricing for the CBS Television Network is up over 100%, with the CEO saying he's heard from agencies who've lamented that their clients didn't take their advice to buy more in the Upfront.[6]
Ad sales account for more than half of CBS's revenue. It relies on them at its CBS TV network, its TV and radio stations, its outdoor-billboard business and its Web sites.[10]
Sales of shows "Medium," "Criminal Minds," "Ghost Whisperer," "Everybody Hates Chris," and "Numb3rs," to other networks as well as rate increases for pay-TV service Showtime more than offset a 5 percent drop in advertising sales. Total television revenue grew 9 percent to $2.27 billion but revenues at its radio stations, outdoor billboards and online sites fell.[5] TV revenues were up 9 percent, to $2.27 billion from $2.08 billion, primarily due to higher television license fees and affiliate revenues and partly offset by lower local ad sales.[9] TV unit revenue rose 9%, but TV ad revenue fell 5% amid continued weakness in the local ad market and weaker political ad sales.[13]
LOS ANGELES — The sale of popular TV shows partly offset a drop in third-quarter advertising revenue at CBS Corp. but the company said ad trends are improving in the final three months of the year.[5] LOS ANGELES — CBS Corp. posted third-quarter earnings that beat analyst forecasts Thursday as sales of popular shows to other networks and higher subscription fees for pay-TV service Showtime helped overcome an advertising downturn.[14]
Radio and interactive results were weaker, leaving the earnings report a bit of a mixed bag. Moonves Thursday also touted the late-night ratings successes of David Letterman and Craig Ferguson on CBS and the network's overall performance, highlighting that it was ahead of Fox until "those testy Yankees" and the World Series drew so much attention. He also said CBS is talking to media measurement firm Nielsen, the parent of The Hollywood Reporter, about including online viewership in its live-plus-7 data to fully account for all people watching a TV show.[13] Trying to figure out what translates precisely as '''retransmission dollars''' might be a murky endeavor though affiliate revenue increases will be the proof of the pudding. On the earnings call, CBS also said it would realign its businesses into five distinct segments; an entertainment unit that includes TV, production, distribution, CBS Films and CBS Interactive; a cable networks unit that houses Showtime and CBS College Sports; a Publishing group and a Local Group embracing local TV, radio and outdoor businesses.[8] Moonves cited CBS-TV's ratings success and growing subscriptions in the premium cable business, as well as syndication revenues. He added, "On the local front, pacing continues rising steadily for TV, radio, and outdoor, and we expect that with our new streamlined cost structure, margins will improve significantly going forward as well."[9] RBR-TVBR observation: What is it about local radio and television stations that Wall Streeters don't like? Over the course of history, local stations in large markets have been a high-margin business, while TV networks have been a low-margin business. Even in this recession, the O&O groups have continued to pump out cash flow for their parent companies. Les Moonves at CBS and Rupert Murdock at Fox continue to tell analysts that selling off their TV station groups would be a stupid move, but they just don't seem to get it. Have an opinion on this article? Post your comment below.[6] The industry'''s TV Everywhere initiative is aimed at preserving the TV business model and transferring advertising to online and mobile platforms. CBS has signed deals to be part of authenticated online services of both Time Warner Cable and Comcast. Moonves is pressing for non-owned and operated CBS stations to share their retransmission dollars with the network. Both networks and their station partners have been chasing distribution dollars from partners such as cable companies, but around the business there'''s been a debate about who should get what share of that money.[8]
TV Advertising sales were $1 billion in the quarter, down from $1.06 billion in the prior period, though one positive is that CBS is less reliant on advertising than it was at the same time last year.[8] Revenues in the quarter slipped slightly to $3.35 billion, but were ahead of consensus estimates of $3.19 billion. Executive Chairman Sumner Redstone said, "Through this extraordinary time, Leslie and his team have managed CBS not simply to survive but to truly thrive.[15] Revenue fell less than 1 percent to $3.35 billion, also handily beating forecasts of $3.20 billion.[5] For the entire company, Q3 revenues were down only 1% in Q3 to $3.35 billion.[6]
Kraft Net Revenues Decline, But '09 Guidance Raised Kraft Foods Inc.' s Q3 '09 net revenues declined 5.7% to $9.8 billion, as a result of unfavorable currency effects and divestitures. For the same reasons, the company lowered its organic net revenue growth projection for the full year from 3% to 2%.[11]
Turning to online, although Q3 interactive was somewhat mixedincome was up about 11 percent, but revenues were down about 14 percentMoonves insisted that display ads are improving. He fully expects CBS will be "a leading beneficiary in that upturn, especially online video which is expected to grow double-digits." CFO Joseph Ianniello discussed CBS' improving outlook for the end of the year, though he declined to offer quarterly guidance. Despite that expression of confidence, Ianniello said that he company still has an eye on possible weakness remaining in parts of the ad industry.[16] CBS Outdoor revenues were down 23 percent, to $424.9 million from $549.3 million, reflecting, CBS said, "the soft worldwide advertising marketplace and the unfavorable impact of foreign exchange rates."[9] CBS Outdoor saw Q3 revenues decline 23% to $424.9 million, with the overseas billboard business down more than the U.S. OIBDA decreased 71% to $32.6 million.[6]
The company's radio unit, CBS Radio, posted $318.9 million in Q3 revenues, a 19% drop from 392.5 million.[12] Bad economy or no, online radio is poised to boom. Total online revenues are expected to grow 12% in 2009 to $441 million, according to a new forecast from SNL Kagan, followed by 20% growth in 2010, when they should top $530 million.[11] In the radio division, revenues fell by 19 percent, to $318.9 million from $392.5 million, primarily due to continued weakness in the radio ad marketplace.[9] Radio revenues declined 19% to $318.9 million and OIBDA declined 33% to $93.1 million, with cost-cutting more than offset by the soft advertising market.[6]
Television division revenues were up 9% to $2.27 billion and OIBDA gained 17% to $483.9 million.[6]
The New York-based broadcast network operator, which is controlled by media mogul Sumner Redstone, posted net income of $208 million, reversing a $12.5 billion loss in a year-ago quarter that was marred by impairment charges.[14] Operating income in radio was $41.1 million, including an impairment charge of $31.7 million for station divestitures, compared to an operating loss of $3.19 billion in Q3 2008, which included a $3.32 billion impairment charge.[9] Operating income was $565.6 million compared with a operating loss of $13.48 billion in last year's third quarter.[12] During the third quarter of the year, ecommerce spending was down 2% year-over-year to $29.6 billion, according to new comScore research.[11]
"The operating environment for our businesses continues to improve, and we are finishing the year with strong momentum," said CBS Corp. president and CEO Leslie Moonves. "So far this year, each quarter has been better than the one before, with the third quarter showing significant improvement over the second, just as we expected." On a conference call, he predicted ad momentum will further improve into 2010, while cautioning that the economy remains vulnerable. "We expect stronger underlying growth trends for ad markets into next year," he said.[13] "The operating environment for our businesses continues to improve and we are finishing the year with strong momentum," said CBS President/CEO Leslie Moonves. "So far this year, each quarter has been better than the one before, with the third quarter showing significant improvement over the second, just as we expected." Moonves continued, "Over the long term, we continue to believe that great content is the best driver of growth in this industry, which is why we've been so focused on building our content businesses across the company.[12]
In a statement released Thursday, Winfrey's production company, Harpo Productions, said "she has not made a decision yet" on a move to cable but will make one before the end of the year. "As we have stated repeatedly, we love Oprah and if she wants to continue her show then we want to continue to be in business with her," CBS Television Distribution said in a statement. Earlier Thursday, blog Deadline Hollywood said Winfrey planned to announce she would end her daytime talk show when the contract expires and move it to The Oprah Winfrey Network, based in Los Angeles. [5] New Report Says Oprah Is Jumping to OWN Broadcasting & Cable CBS' The Oprah Winfrey Show will depart broadcast syndication and move to Winfrey's new cable network, OWN, when the show's contract expires in 2011, according to a report published by Deadline Hollywood Daily. That. 'Gossip Girl' Protest Equals Free Promo for The CW Daily Finance The Parents Television Council has trained its rhetorical cannons on The CW Network, which has been promoting an upcoming episode of "Gossip Girl" featuring a three-way sexual romp between its teenage characters.[11]
Moonves said the network is now replacing many show promos with advertising avails in order to accommodate demand. The company offered no real updates on talks with Oprah Winfrey whose syndicated show is distributed by CBS. Deadline Hollywood'''s Nikki Finke today reported that Winfrey has already decided to move the show to her new cable channel joint venture with Discovery Communications, though there'''s been no official word on that decision this evening (November 5).[8]
At the CBS network, which had the most popular prime-time lineup of shows, advertisers are scrambling to buy last-minute commercial time, Moonves said. "There is a great deal of demand for our spots," he told investors and analysts.[2]
NEW YORK (Dow Jones)--Les Moonves, chief executive with CBS Corp. (CBS), said Thursday that fourth-quarter TV ad pricing in the so-called scatter market is up 25% from the upfront market, where advertisers locked in large deals last spring and summer for the upcoming, new programming season.[17] NEW YORK (Reuters) - CBS Corp (CBS.N: Quote, Profile, Research ) reported better-than-expected quarterly earnings on Thursday, as its television business got a boost from higher license fees and affiliate revenue.[1] NEW YORK -- CBS Corp. on Thursday again cited improving advertising momentum as it reported mixed, but better-than-expected third-quarter results after the market close.[13]
NEW YORK -- CBS Corp. said Thursday it has secured a new three-year revolving line of credit for $2 billion to support commercial paper loans and for general expenses. It replaces the company's previous credit revolver that was set to expire in December 2010.[18]
Before turning the Q3 earnings call over to CBS Corp. ( NYSE: CBS ) president and CEO Les Moonves, Sumner Redstone, the company's executive chairman heaped praise on the company's efforts to manage the downturn and sounded relieved to say "there is finally light at the end of the tunnel." Moonves echoed his sentiment: "We've said that the second half would be improved and it was. We're pleased that in this marketplace, revenues were down only slightly.[16] Advertisers were "knocking down the door", Les Moonves, CBS chief executive, told analysts on a conference call to discuss third-quarter earnings that showed continued pressure on sales and profits but some recovery in profit margins.[19]
Adjusted for items, CBS reported earnings of 25 cents a share, compared with analyst expectations for 22 cents a share, according to Thomson Reuters I/B/E/S.[3] Adjusted for one-time items, the earnings came to 25 cents per share, cruising past analyst expectations for 22 cents per share.[5]
Shares fell 18 cents in after-hours trading Thursday following the earnings release, after closing the regular session up 89 cents, or 7.5 percent, at $12.79.[5]
In the same period last year, the company earned 40 cents a share on sales of $3.376 billion.[4] Analysts had expected CBS to report a profit of 22 cents a share on a topline of $3.195 billion.[4]
CBS posted a quarterly profit of $207.6 million including one-time charges and benefits that boosted the bottom line by $38.1 million. In the year-ago period, CBS had posted a loss of $12.46 billion due to impairment charges, or a profit of $265.9 million when excluding them.[13] Results for Q3 included a pre-tax non-cash impairment charge of $31.7 million ($23.1 million, net of tax), which was related to the disposition of radio stations, offset by a settlement of $28 million.[12] Operating income before depreciation and amortization (OIBDA), before impairment charges each year, was $597.3 million in Q3 2009, vs. $638.8 million in Q3 2008.[6] Operating income before depreciation and amortization (OIBDA) was $565.6 million.'' The company said in a statement, November 5, that it expects its full year OIBDA outlook to be in the range of $1.725 billion to $1.925 billion.[8] Cable network operating income -- the biggest contributor to operating income -- rose to $495 million from $350 million a year ago. Chrysler, under the aegis of Fiat since early this year, revealed its five-year plan during an all-day event at its Auburn Hills, Mich. headquarters on Nov. 4.[11]
OIBDA was $565.6 million, compared to a loss of $13.48 billion in Q3 2008, and operating income was $418.2 million, compared to an operating loss of $13.62 billion.[9]
Moonves also said the realigned operating segments announced earlier will provide greater transparency. It will also serve to emphasize CBS' extensive local media presencean area where ads are expected to grow much more significantly compared to the general market.[16] Well, CBS Corporation CEO Les Moonves is having none of it. He says the company is committed to local media and notes that trends are improving.[6]
Jeff Zucker Is Not Going Anywhere Jeff Zucker, CEO and president of NBC Universal, has been trying to turn digital dimes into digital dollars for years. Currently he's delivering tv programs online through Hulu, transforming nbc tv stations into hyper local Web destinations, and selling tv advertising based on the Internet's automated, targeted model. Jonathan Miller Preaches the Agnostic Gospel of the Cloud Jonathan Miller is more determined than ever to crack interactive media's money-making code in his new job as News Corp.' s digital chief. He's got plenty of learning experience to draw from, both as a partner at venture capital firm Fuse Capital and as the chairman and CEO of.[11] Looking For Local TV Protection On Media's Main Street Just when TV stations have been salivating over what comes with growing retransmission revenues, the broadcast networks could be saying:.[11]
Third quarter ad sales were 51% of TV segment revenue during the third quarter 2008, for the period to September 30, it'''s just 44%.[8] Opponents say the Hollywood proposal to. DirecTV's Costs Offset Higher Revenue in 3Q The Associated Press DirecTV, the nation's largest satellite TV operator, says its revenue grew 10% in the third quarter as it added more new customers, but its results suffered from higher marketing costs used to attract them. DirecTV's Costs Offset Higher Revenue in 3Q The Associated Press DirecTV, the nation's largest satellite TV operator, says its revenue grew 10% in the third quarter as it added more new customers, but its results suffered from higher marketing costs used to attract them.[11]
Sinclair: Ad Revs Down, Expect 4Q Decline Sinclair Broadcast Group witnessed lower revenues in the third quarter -- with expectations that the fourth quarter will see a similar decline.[11]
After the economic upheaval of last fall, CBS saw advertisers pull back, particularly at the local level. Overall ad revenue fell 16% through the first half of this.[10] After more discussion about retrans revenues, analyst Jessica Reif Cohen asked whether CBS would sell any of the local properties.[16]
CBS reported that costs at the network are down 12% while advertising revenue is beginning to look more positive.[8] CBS Corp. not only posted improving third-quarter 2009 results -- as with other media companies -- but the near-term advertising market continues to rebound for its broadcast network.[11] CBS is managing to charge advertisers double the rates of a year ago for shortnotice bookings, it said yesterday, adding that it was cancelling promotions for its own shows to squeeze more ads on to the U.S. broadcast network behind NCSI and David Letterman.[19] Scatter pricing is running 25% above upfront levels when the network took prices down a point or two. Scatter dollars pacing is up 100% over year ago levels, said Moonves, who took the opportunity to point out that some ad agencies had said they were sorry their clients hadn'''t listened to them and spent more in the cheaper May upfront market.[8]
Scatter market ad prices are up nearly 25% over upfront levels in the current fourth quarter, with overall scatter dollars are up more than 100% over last year when networks held back less ad inventory for scatter, management said. Executive chairman Sumner Redstone on the call also talked up the improving ad trends at CBS. "The light at the end of the tunnel continues to get brighter," he said.[13]
Chief Executive Leslie Moonves said prices for spot TV ads in the fourth quarter were up 25 percent compared to the early buying period for the fall season known as the "upfronts."[5] By division, TV revenue increased 9 percent, thanks partly to syndication, the term used when shows are sold for repeats to individual TV stations; radio revenue fell 19 percent; outdoor revenue fell 23 percent; digital revenue fell 15 percent; and publishing revenue rose 2 percent.[2] Sales dropped in its digital, radio and outdoor divisions, but the sale of hit shows such as "Criminal Minds" and "Medium" into syndication gave it a boost.[4]
Perishables Sales Booming At Retail After a year of steadily shaking up consumer habits in the supermarket, the recession has produced some clear winners -- and new research from Nielsen shows that most of them are on the edges of your local grocery store.[11] Wearing the undergarments present some practical problems, Rachel Dodes. Unilever Price Cuts Surprise Analysts; Soap Deal Lifts Costs Bloomberg When Paul Polman became CEO of Unilever at the beginning of the year, he promised to stoke sales growth. He's done so by boosting advertising, accelerating the introduction of new products and, it turns out, by cutting prices by as. After Mickey's Makeover, Less Mr. Nice Guy New York Times Concerned that Mickey Mouse has become more of a corporate symbol than a beloved character, Disney is re-imagining him for the future, Brooks Barnes reports.[11] Kellogg Removing Some Claims; FDA Plans New Labeling System Ad Age Kellogg said yesterday that it would discontinue marketing Rice Krispies and Cocoa Krispies as products that could boost a child's immunity but would continue to provide the increased amounts of vitamins A, B, C and E that it added to. Manufacturer Responding To Complaints About Shapewear Wall Street Journal Sales for "shapewear" -- undergarments that aim to give women wearing tight clothes a bulge-free silhouette -- have skyrocketed since Oprah put her imprimatur on Spanx nearly a decade ago.[11]
Google Oversells Privacy Dashboard Google today breathlessly announced the launch of its new Dashboard, which lets users see all of the information associated with. Smart Tech Will Boost TV Ad Effectiveness And Yield, Not Undermine It many television operators and networks are wondering aloud whether they might lose some of their power in this new tech-transformed.[11] CBS officials said the ad market is improving for local radio as well as TV.[6] RAM: Wooden Performance Who knew a well-placed Woody could get you nearly a million friends on Facebook? In early September, TV spots, viral videos and digital ads directed Facebook users to "Woody," a 30-something slacker who dubbed himself "Friday's biggest fan."[11] Our general optimism is based on the economy as a whole and the positive changes in the ad environment." He added that retransmission dollars will double based on contracts currently in place. He's counting on retrans and efforts like authentication, or TV Everywhere, for diverse revenue streams.[16] To quell any fears about the ad recovery being short-lived, Ianniello made a point of noting that CBS' revenues will come from other areas besides marketers' dollars, specifically, licensing and subscription fees.[16] Affiliate revenue increased 11% thanks to higher retransmission revenue and a growth in subscriptions at Showtime Networks and CBS College Sports Network.[8]
Quarterly revenue declined only minimally from $3.38 billion to $3.35 billion.[13]
CBS shares closes Thursday at $12.79, up 7.5 percent from a day earlier.[18] We need to be weaned off the click. That's what the online marketing world needs right now to improve branding, according to eMarketer. When Algorithms Collide The online advertising marketplace has seen its fair share of arms race-like tit-for-tat technology battles over the years.[11] The nyc Wine and Food Festival had taken over half the Meatpacking District for the weekend, putting the focus. Trim Marks Original online video took a beating this year, but the shine hasn't quite worn off yet. Despite a string of high-profile broadband start-up flops earlier in the year, media companies like Alloy Media + Marketing, studios like Generate and Web destinations such as the Sony-owned Crackle continue to.[11]
Complete access to real-time news and exclusive analysis that goes behind the scenes from film to television, home video to digital media.[13] Q+A: Adam L. Penenberg Adam L. Penenberg is a journalism professor and assistant director of the Business and Economics program at New York University. His latest book, Viral Loop: From Facebook to Twitter, How Today's Smartest Companies Grow Themselves (Hyperion), will be on shelves in October. In the book, he explores trends. Q+A Lloyd Braun Who controls the media, and how (if it changes at all) does this control change? Braun: The consumer controls media.[11]
ABC Spells 'V' For Ratings Victory ABC took a big V-swing out of CBS' strong Tuesday lineup with its new "V" limited sci-fi series, earning a massive 5.0 in prelim Nielsen results.[11] Deutsche Bank's Doug Mitchelson inquired about about the way the network factors in ratings from DVR use and what sort of impact on advertising, which is an area that Moonves and CBS research head Dave Poltrack have been very bullish on.[16]
SOURCES
1. CBS posts better-than-expected quarterly profit | Reuters
2. UPDATE 3-CBS profit beats Street, even as advertising hurts | Reuters
3. UPDATE 2-CBS posts better-than-expected quarterly profit | Reuters
4. CBS Earnings -'' CBS Beats on Improved Advertising Market - Companies * US * News * Story - CNBC.com
5. The Associated Press: CBS show sales help offset drop in 3Q ad revenue
6. Radio Business Report/Television Business Report - Voice of the Broadcasting Industry
7. CBS 'Truly Thriving', Says Exec Chairman - mediabistro.com: MediaJobsDaily
8. CBS Retrans Fees Expected to Double in 2010 - 2009-11-05 16:32:45 EST | Broadcasting & Cable
9. Radio Ink Magazine
10. CBS Posts Profit, Helped by Syndication Sales - WSJ.com
11. MediaPost Publications - Home of MediaDailyNews, MEDIA and OMMA Magazines
12. RADIO ONLINE ®
13. CBS Q3 results exceed estimates
14. The Associated Press: CBS 3Q profit, revenue beats expectations
15. CBS Beats Estimates, Top Line Falls Slightly (CBS) - Comtex SmarTrend Alert
16. CBS Call: Redstone: Light At The End Of The Tunnel | paidContent
17. UPDATE: CBS CEO: 4Q Scatter Pricing Up 25% From Upfront - WSJ.com
18. CBS Corp. says it secured new three-year revolving line of credit for $2 billion | Washington Examiner
19. FT.com / UK - CBS lifts its advertising rates as sales pick up
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