CBS scores big with hoops & streams

CBS boss Les Moonves (right), who will be guiding a media Starfleet in “Star Trek: Discovery” next month, is riding high following boffo earnings results on Monday.

CBS reported higher-than-expected sales and earnings for its most recent quarter as the company received a boost from college sports and internet streaming.

Advertising revenue — the largest contributor to CBS’ top line — grew 4 percent to $1.3 billion, led by the semifinals and finals of the NCAA Division I Men’s Basketball Championship. Last year, the Final Four games were on Time Warner’s TBS.

During the quarter, the media company restructured its advertising-sales unit to focus on capturing more revenue from digital platforms.

CBS, whose holdings include cable networks and broadcast television stations as well as publisher Simon & Schuster, also has over-the-top offerings such as CBS All Access and its Showtime stand-alone streaming service. The company said these offerings grew beyond expectations in the most recent quarter and are on track to have a combined 4 million subscribers by the end of the year.

CBS also said Monday that it reached a deal to stream its channels on AT&T’s DirecTV Now service. The deal gives the stand-alone streaming service access to live events, such as the Grammy Awards and sports including the NFL and March Madness basketball games.

Overall for the second quarter, CBS topped views as it reported earnings of $58 million, or 14 cents per share, down from $423 million, or 93 cents per share. Earlier this year, CBS struck a deal to sell its flagging radio unit. Excluding discontinued operations, earnings rose 14 percent, to $1.04 per share.

Revenue jumped 9.4 percent, to $3.26 billion. Analysts had forecast earnings of 98 cents on $3.09 billion in revenue.

In after-hours trading, shares of CBS rose 45 cents to $64.97.