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Radio Group Brings CBS Down
TV and outdoor seem to be propelling CBS Corp.‘s growth, while radio is bringing the company - in its second quarter reporting as a stand-alone group since its split from Viacom - down.
CBS reported that CBS Radio revenues were down 7 percent through the first half of the year and in Q2 were down 8 percent, an indication that the radio marketplace is growing softer, MediaPost writes. The company is currently focused on selling many of its stations in smaller markets.
In the meantime, it is the outdoor media division that continues to grow, with ad revenues jumping 7 percent during the second quarter - an acceleration over the division’s first half growth rate of 6 percent.
President/CEO Leslie Moonves believes that long-term growth for CBS will come from expansion into new media, which formed a large part of negotiations during the television upfront with advertisers and agencies.