CBS Television Network had moderate advertising growth in the fourth quarter -- up 4% -- but its local TV station advertising suffered.
Lower political advertising revenues pulled
down both TV and radio stations' ad dollars. Like other TV/radio station groups, it suffered with unfavorable comparisons to the strong Presidential election advertising revenues in the fourth quarter
of 2012. CBS says that without political advertising, local TV stations grew 9%, with radio stations flat versus the same time period a year ago. CBS also says TV retransmission revenues posted
double-digit percentage gains versus the fourth quarter of 2012.
Overall local broadcast revenue -- TV and radio -- was down 9% to $719 million.
Total entertainment revenues grew
11% to $2.21 billion -- with most of these results coming from improved domestic and international TV licensing business, including digital streaming and syndication deals. Operating income at the
unit climbed 27% to $418 million.
Cable network revenue grew 9% to $477 million, driven by higher program licensing and affiliate fees from Showtime programs and other cablers.
Publishing revenue grew 5% to $225 million, with operating income climbing 19% to $37 million. CBS’ Outdoor Americas unit was up 2% to $347 million, with operating income added on 28% to $120
Overall CBS revenues climbed $3.9 billion from $3.7 billion, with net income up $470 million from $393 million.
CBS stock was up 1.6% to $61.85 on Wednesday.