CBS Reports Q4 Earnings Report
CBS (NYSE: CBS) on Wednesday reported its fourth-quarter earnings. The company was up 4.28 percent or $2.65 per share, which represented a hefty gain in after-hours trading.
Earnings per share came in at $0.78 per share versus the analyst consensus estimate of $0.76 per share, which was up a staggering 30 percent year-over-year. Revenue was also up 14 percent year-over-year, which came in at $3.91 billion versus the analyst consensus estimate of $3.82 billion.
Wednesday morning, CBS and Hulu announced a partnership deal where CBS will give Hulu access to over 5,300 episodes to its exclusive content. A similar licensing agreement was created on January 29 between CBS and Amazon; however, this was just an extension of a previous licensing agreement.
CBS has also stated in its earnings release that these results were the highest fourth quarter and full-year results in revenues that they have ever experienced.
The company’s Executive Chairman Summer Redstone said, “CBS continues to turn in stellar performances year in and year out, and none better than 2013.” CBS has continuously secured and continues to secure new licensing and publishing deals which has steadily allowed it to gain and monetize its subscriber base. The premium content company’s President and CEO, Leslie Moonves, also added, “Our record fourth-quarter and full-year results demonstrate CBS’s stature as one of the world’s foremost creators of premium content.”
Furthermore, Moonves announced an accelerated share repurchase of $1.5 billion, which was in addition to them increasing their open market share repurchase program, which will occur during the first quarter. They are also planning on a potential IPO of Outdoor that is planned for the first quarter. CBS has stated it will be a “pure content” company after this takes effect. All of the data is according to CBS' Corpoartion Earnings Release
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