CBS reports mixed results


piper-jaffray-logoCBS revenues of $3.86B came in a tad light of our expectations of $3.93B (consensus of $3.92B), but the rest results looked solid. The miss was mostly related to tough yoy comps vs. Super Bowl and more NCAA games. However, CBS reported record Q1 EPS of $0.78 vs. our forecast of $0.73 (consensus of $0.75). OIBDA was $930M, above our $912M estimate and consensus of $911M. The results were driven by higher margin content licensing (+6%) as well as strong affiliate/retrans fees (+9%). Heading into the Upfront,

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