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CBS Outdoor saw revenues jump 8 percent to $598.1 million in the second quarter. Overall, the company’s revenue grew 1 percent, to $3.93 billion.
CBS Radio revenue slipped by 10 percent in the second quarter, to $416.4 million, on weakness in the ad market and the impact of station divestitures, but CBS pres/CEO Les Moonves said in a statement that top stations nationwide did well in Q2, and he expects them to continue to do so.
The company plans to focus in on its larger markets that are showing growth, and will jettison 50 stations in smaller markets.
Television revenue was up 2 percent in the quarter, to $2.2 billion.
CBS reduced its forecast for the year, predicting its operating profit will be little changed, down from its previous forecast of three to 5 percent growth, according to Bloomberg.
“We’ve taken key steps to position our asset portfolio for superior long- term growth,” Moonves said. “During the quarter, we completed our acquisition of CNET Networks, which we believe will add at least two percentage points to our revenue and profit growth rates going forward…. We also closed on our acquisition of IOA, the largest outdoor business in the vibrant South American market. Both of these growing businesses exemplify our strategy to increase our presence in the areas of highest potential.”
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