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Executive Chairman Sumner Redstone hailed the Q4 results as “fabulous” and praised the “terrific team” at CBS Corporation headed by CEO Les Moonves as the company reported improvement in all areas for the quarter. Pacings, meanwhile, are strong for the current quarter.“Content is king and will always be king. And no one has better content out there than CBS and one other company, whose name I cannot mention today,” Redstone said with a joking reference to rival Rupert Murdoch’s News Corporation.Reporting for the first time under its new segment organization, CBS said Q4 revenues were down 8% for local broadcasting to $680 million. Revenues for the O&O television stations were down 3% to $358.2 million, although CFO Joe Ianniello noted that the lack of political was worth 14 points, so our math says the TV group would have been up 11% excluding political. Radio revenues were down 12% to $322.2 million, but two points of that was attributed to station divestitures – so down 10% on a same stations basis.
Read More: – Radio Business Report