• by Wayne Friedman , May 5, 2010

Like other media companies, CBS recently showed improved financial numbers -- but still remains in the red zone for its first-quarter results.

Revenue-wise, CBS was up 12% to $3.53 billion from $3.16 billion in the first quarter of 2009. Major contributors include 19% growth from its local TV stations; 15% growth in its entertainment results, which includes advertising sales from the 2010 Super Bowl XLIV on the CBS Television Network; and 8% growth at its cable networks.

Overall advertising -- broadcast, cable, and TV stations sales -- rose 17% to $2.38 billion. CBS network advertising sales, mostly from big Super Bowl gains, climbed 25% in the period. CBS also noted that ad results from CBS Interactive division rose 19%.

TV shows license fees for the first quarter of 2010 were flat compared with the same period last year. Higher international syndication sales and network license fees for new series were offset by lower domestic syndication sales.

Publishing revenues slipped 6% to $151.7 million from $161.7 million because of a continuing soft retail market. But this was partially offset by higher digital sales, including e-books and audio downloads.

Outdoor revenues gained 3% to $392.2 million from the favorable impact of foreign exchange rate changes.

Affiliate and subscription revenues, which include retransmission fees for its TV stations, a growing source of revenue, rose 11% to $382.6 million.

Les Moonves, president/CEO of CBS Corp., said the network and its TV affiliates may have future talks with cable operators about retrans fees. Both the network and stations have similar interests when it comes to the programming the network runs.