CBS Corp. Splits Radio Ahead Of Q3 Results


As CBS Corp. prepares to spin off its CBS Radio division, it has adjusted how it reports revenue for its “Local Broadcasting” holdings by separating its radio operations in all quarterly reports dating to Q1 2015. How does CBS radio look? Slightly down, on a year-to-year basis.

CBS Radio is slightly down year-over-year in both Q1 and Q2 2016, according to new breakout figures tied to the division’s planned spinoff.

CBS Corp. on Friday released adjusted revenue reports dating back to Q1 2015 that now reflect radio as a separate entity – a move made ahead of CBS Radio’s planned separation from its parent.

How did CBS Radio do? Slightly down, on a year-over-year basis.

According to data appearing in a Securities and Exchange Commission 8-K filing, Radio revenue slipped to $314 million in Q2 2016, from $318 million in Q2 2015.

Meanwhile, Radio revenue dipped in Q1 2016 to $265 million, from $271 million in the year-ago period.

The information is unaudited, CBS Corp. notes.

What had been “Local Broadcasting” in CBS Corp.’s quarterly earnings reports will now be reflected as “Radio,” and “Local Media.”

This is where the CBS television stations dollars are reflected, and Local Media is up. In Q2 2016, dollars rose to $396 million, from $387 million in the same period a year ago. In Q1 2016, revenue came in at $448 million, up from $375 million in the year-ago period.

Segment operating income for CBS Radio was strong in Q2, at $82 million. This compares to $70 million in the year-ago period.

CBS stock closed Oct. 14 at $55.11, down 13 cents.

The company will report its Q3 earnings on November 3.