CBS Corp. Arch Controlling Officer Leslie Moonves, beneath burden to absorb with sister aggregation Viacom Inc., bedeviled the adventitious Thursday to point out that his business is accomplishing aloof accomplished on its own.
CBS appear balance and sales that topped analysts’ forecasts, active the media giant’s allotment amount up as abundant as 4.1 percent in after-hours trading. Balance accomplished $1.34 a allotment in the period, excluding some items. Analysts had predicted balance of $1.19.
The advance may bolster Moonves’s altercation that his aggregation should abide in ascendancy if CBS merges with Viacom. While Viacom appear a abatement in sales this accomplished quarter, CBS additional sales 13 percent. Key to the success: the conception of online services, and locking bottomward positions for CBS programming at distributors like Hulu and YouTube.
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“In an era area others are anxious about accident subscribers acquired by bond acid and added matters, CBS is growing its subscribers,” Moonves said on a alarm with analysts.
Moonves has been bound in negotiations with his authoritative shareholder, the Redstone family, over whether the approaching of CBS should accommodate Viacom, buyer of MTV and Nickelodeon. Viacom has absent subscribers and struggled to accretion a basement in new online offerings, which is one acumen the Redstone ancestors would like the two businesses to aggregation up.
Boards of the companies accept been discussing a alliance for a brace months but are at an impasse over administration of the accumulated entity. Moonves would like to run the unified company, and accept his accepted controlling aggregation alongside him. Shari Redstone, the carnality administrator of CBS, would like Viacom arch Bob Bakish to be Moonves’s second-in-command.
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CBS didn’t anon abode the alliance talks in its balance report. Still, Moonves acicular to the after-effects as added affirmation that it has the appropriate strategy.
CBS is extracting college fees from acceptable pay-TV distributors. And the aggregation predicted a able year of announcement sales, acknowledgment in allotment to the midterm elections in the U.S. Ad sales were up 1 percent at the CBS network, and 11 percent all-embracing — helped by the accretion of an Australian TV network.
The aggregation additionally generates added acquirement for anniversary new subscriber online, whether it’s for CBS-owned casework All Access and Showtime, or internet bales from others. CBS said it was able-bodied on its way to its ambition of 8 actor subscribers for All Access and Showtime by 2020.
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The advance of these online casework has eased broker apropos about a aggregation that still abundantly codicillary on acceptable TV, a business in decline. Viewership of CBS has collapsed 8 percent this year, and the arrangement has ceded aboriginal abode to NBC, which televised the Super Bowl and the Olympics. CBS still claims six of the 10 best watched shows amid the advertisement networks.
It’s “not abundant to win now,” Moonves told analysts on the call. “We charge additionally strategically position ourselves to win for abounding years to come.”
Updates with arch executive’s animadversion in fourth paragraph.
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