Jul
31
CBS Profit Rises 11% on Pay-TV Fees, Streaming Agreements
Posted in: UncategorizedCBS Corp. said second-quarter profit rose 11%, spurred by higher fees from new streaming agreements and the kind of pay-TV system currently fighting it in New York, Los Angeles and Dallas.
Time Warner Cable briefly pulled CBS’s signal earlier this week as the latest deadline passed for a new carriage deal in those markets, arguing that the network’s demands were exorbitant. But CBS’s financial results today show just how important pay-TV fees have become for the broadcaster.
Net income increased to $472 million from $427 million a year earlier, CBS Corp. said Wednesday in a statement. That was higher than analysts had expected. Second-quarter revenue grew 11% to $3.7 billion, also beating analysts’ estimates.
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