CBS TV stations saw a decline in revenue in the first quarter of 2015, even as CBS Corp. hit an all-time high by one earnings measure, TVNewsCheck reports.
The company’s quarterly earnings report Thursday included “its highest-ever net earnings from continuing operations per diluted share (EPS),” the story reports. But revenues were down 3% at the CBS Television Stations, along with a 7% decline for CBS Radio revenues.
“The company’s Local Broadcasting segment revenues of $596 million for the first quarter of 2015 decreased 5% from $626 million in the same prior-year period. The decline was due to lower advertising revenues, particularly from the entertainment and retail industries, and was partially offset by growth in affiliate and subscription fee revenues,” the story reports.
Operating income for the Local Broadcasting segment fell 10% in the quarter, to $161 million from $179 million a year earlier, on lower revenues.
CBS Corp. CEO Leslie Moonves said during the earnings call: “Our online news channel, CBSN, and our over-the-top service, CBS All Access, are exceeding expectations. We have already expanded CBS All Access to more than half of the country, and we expect it to be offered to 75% of all households by year’s end.”