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CBS missed Wall Street forecasts as revenue from content licensing and distribution sales fell 11%, even as its results were supported by advertising badociated with the 2018 midterm elections .
New York owner CBS and Showtime said net income from continuing operations was $ 561 million or $ 1.49 a share in the fourth quarter, up from $ 40 million or 10 cents a share. per share a year earlier. CBS reported a charge of $ 129 million related to changes to US tax law last year.
The quarter also included $ 42 million related to restructuring and professional fees, as well as $ 85 million related to strategy changes related to the company's CBS Films business unit.
Revenues rose 3% to $ 4.02 billion from $ 3.92 billion in the same period a year earlier. Wall Street had forecast revenues of $ 4.16 billion.
In a telephone conversation with investors, Joseph Ianniello, interim CEO of CBS, said the company would increase the number of original hours produced for its own stores, as well as for other platforms, such as the Disney's new Walt Disney streaming service. He added that the company had raised its estimate of the number of OTT subscribers to its Showtime broadband service and its SVOD CBS All Access service to 25 million by 2022. Both outlets have already attracted 8 million subscribers, he said. "Direct services to consumers are our future," he told investors, while suggesting that the company's entry into space in front of its competitors would be very useful in the near future.
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CBS Entertainment revenues decreased 1% to $ 2.83 billion due to a 14% decrease in license and content distribution revenue primarily due to the timing of license sales in the fourth quarter of 2017. CBS stated Affiliation fees and subscription fees increased by 17% over the period, due to new revenues from CBS All Access and Affiliation fees. , s. Advertising revenue increased 2%, thanks in part to new revenues from last year's acquisition of Australia's Network 10.
The company reported revenue from its cable operations increased 8% to $ 551 million as a result of the growth of the Showtime subscription streaming service and the increase in the number of international licenses.
sales and products of pay-per-view television boxing at the session organized by Deontay Wilder / Tyson Fury in December 2018. Operating profit decreased by 7% due to new investment in programming.
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