Decent Q2 overshadowed by Moonves allegations
Results were led by strong affiliate fee growth, up 17% YoY, with content licensing up 4% and advertising up 2%, helped by the Network Ten acquisition. The management team has done a great job in diversifying away from advertising revenues which this quarter accounted for just 38% of the total. Overall revenue was in line, with OI three points ahead and EPS $0.02 ahead at $1.12.CBS is a mass media company, which operates the following segments: Entertainment, which is consists of the CBS Television Network, CBS Television Studios, CBS Global Distribution Group, Network 10, CBS Interactive, CBS Sports Network, and CBS Films as well as the company's digital streaming services CBS All Access and CBSN; Cable Networks, which consists of Showtime Networks and its digital subscription streaming offering, and Smithsonian Networks; Publishing, which consists of Simon & Schuster's consumer book publishing business with imprints such as Simon & Schuster, Pocket Books, Scribner and Atria Books; and Local Media, which consists of CBS Television Stations and CBS Local Digital Media.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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