×
You will be redirected back to your article in seconds

CBS Sees Q3 Profit Drop on Increased Investment in Programming

CBS Corp. said third quarter profit dropped around 35% as investments in new series for its linear and digital outlets and costs associated with its pending merger with Viacom Inc. overcame increases in revenue during the period.

The New York owner of the CBS television network and the Showtime premium-cable service is expected to merger with corporate sibling Viacom – both are controlled by the Redstone family through the movie-exhibition company, National Amusements Inc. – in December.

CBS said third-quarter net income came to $319 million, or 85 cents a share, compared with $488 million, or $1.29 a share, in the year-earlier period. CBS’ adjusted profit, came to 95 cents a share. Revenue rose 1%, to about $3.3 billion.

Operating income tumbled to $501 million, compared with $690 million in the previous period, weighed down by costs of new programming and items associated with the pending Viacom tie-up.

CBS continues to “increase our investment in our premium content and direct-to-consumer streaming services, which is the cornerstone of our growth strategy,” said CBS CEO Joseph Ianniello, in a prepared statement.

During a call with investors, Ianniello said CBS planned to bolster its streaming-video offerings, with live soccer matches slated to be included in the company’s subscription service, “CBS All Access,” and free video-streaming channels slated to debut on Pluto, the ad-supported streaming hub operated by Viacom. A formal announcement of the latter is scheduled for as soon as Wednesday, the executive said.

 

 

 

More TV

  • Chuck LorreVariety Innovate Summit, Presented by

    Chuck Lorre Talks Streaming Vs. Broadcast, WGA-Agency Battle at Innovate Summit

    With “The Kominsky Method,” Chuck Lorre ventured out of his broadcast comedy comfort zone and took a leap into the world of streaming, an unknown quantity for him. During a keynote conversation at the Variety Innovate summit, held Thursday at the 1 Hotel in West Hollywood, Lorre talked about how making a show for a [...]

  • Jason Segel as Peter, Eve Lindley

    TV News Roundup: AMC Announces 'Dispatches From Elsewhere' Premiere Date

    In today’s TV news roundup, “Dispatches From Elsewhere” starring Jason Segel has been scheduled for a two-night premiere date and Netflix released a teaser for Season 2 of “You.” CASTINGS Briana Cuoco has been cast in HBO Max’s “The Flight Attendant” in the recurring role of Cecilia. The series details the chilling story of a flight [...]

  • Supergirl -- "Crisis on Infinite Earths:

    'Arrowverse' Boss Breaks Down Journey to 'Crisis on Infinite Earths'

    It’s an event nearly 500 hours in the making when the “Arrowverse” and fellow CW superhero series “Black Lightning” collide in the five-part epic crossover event, “Crisis on Infinite Earths.” Inspired by the iconic graphic novel by the same name, “Crisis on Infinite Earths” finds the “Arrowverse” heroes — including Green Arrow (Stephen Amell), The [...]

  • Rich Battista

    Imagine Entertainment CEO Rich Battista Exits After Less Than Four Months

    Rich Battista, the recently boarded chief executive of Imagine Entertainment, has exited his post at the production company after joining but a few months ago in August, Variety has learned. “Rich Battista has left Imagine Entertainment,” said Brian Grazer and Ron Howard, the founders of the company, in a joint statement. “We thank Rich for [...]

  • Lamia Chraïbi Teams With Hicham Lasri

    Lamia Chraibi Teams With Hicham Lasri on Pan-Arab Supernatural Series 'Meskoun' (EXCLUSIVE)

    Lamia Chraibi, a leading producer of daring films from the Middle East and North Africa region, is developing “Meskoun,” an ambitious pan-Arab genre-bending series with Moroccan filmmaker Hicham Lasri (“Jahilya”) on board as showrunner. Chraibi (“Mimosas”) will produce the 14-episode series with her Moroccan banner La Prod, along with Mohamed Hefzy’s Egyptian company Film Clinic, [...]

  • Kevin CostnerKevin Costner, who stars in

    Kevin Costner Sets National Parks Investigative Services Branch Drama at ABC

    “Yellowstone” star Kevin Costner is expanding his television universe to include a whole lot more national parks. Variety has learned that the Oscar winner has set up a one-hour drama project at ABC about the Investigative Services Branch of the National Parks Service. Costner is co-writing the series with showrunner Aaron Helbing and will also [...]

  • The Marvelous Mrs. Maisel

    'The Marvelous Mrs. Maisel' Team On A 'Brand New Chapter' In Season 3

    If Midge Maisel wants to be successful as a standup comedian, her portrayer Rachel Brosnahan says, “she’s going to have to give up her personal life. She’s going to have to go at it alone.” The second season of “The Marvelous Mrs. Maisel” ended with Brosnahan’s 1950s housewife-turned-comic, character getting the opportunity of a lifetime [...]

More From Our Brands

Access exclusive content