CBS TV, Radio and Outdoor Revenues Suffer
CBS is reeling from the dismal revenues from their radio, TV stations and outdoor which resulted in a 50 percent profit decline for the fourth quarter.
CBS Corp.'s President CEO, Les Moonves, was encouraging when discussing the businesses that are non-advertising supported, which includes unspecified fees resulting from transmission content.
But in reality, the fourth quarter was the biggest hit. The ad market seemed to fail. Radio TV and outdoor advertising experienced record setting declining revenues, which only rose one percent. Now these markets face plunging revenues for radio, TV and outdoor advertising.
Affected by the recession. CBS is coming to terms with some very disappointing numbers. Revenues for TV, radio and outdoor advertising reached a record 52 percent profit decline for the fourth quarter.
Moonves says he chose to look on the bright side of things believing that it's only a matter of time before things get better, "We believe most of what we're feeling is cyclical – not secular issues – that will improve when the economy turns around."
To offset the effects of the economy, CBS slashed over $220 million in costs and staff, and 70 percent from local segments.
Posted at 07:07 am by Peter Koeppel