CBS profit rises in 4th quarter

CBS missed Wall Street’s projections as revenues derived from content licensing and distribution fell 11%, even as its results were buoyed by advertising associated with the 2018 midterm elections.

The New York owner of the CBS television network and Showtime said net income from continuing operations came to $561 million, or $1.49 per share in the fourth quarter, compared with $40 million, or 10 cents per share, a year earlier. CBS said it recorded a $129 million charge related to the changes in the U.S. tax law last year.

The quarter also included $42 million in charges related to restructuring and professional fees as well as $85 million in charges having to do with changes in strategy related to the company’s CBS Films unit.

Revenue rose 3% to $4.02 billion, compared with $3.92 billion in the year-earlier period. Wall Street had expected revenue of $4.16 billion.

During a call with investors, CBS acting CEO Joseph Ianniello said the company would increase the number of original hours it produced for its own outlets, as well as for other platforms, such as Walt Disney’s new Disney + streaming service. (RTRS)