Radio was a bit of a drag on the local broadcasting division at CBS in what was otherwise a very successful quarter for the company. We never get much color from the company about radio, what we did get from the financials was a short mention that revenue decreased 2%.
In his opening statement, CBS CEO Les Moonves did say the company was “moving forward with our initiative to separate our radio business, which will unlock value for our shareholders and further diversify our revenue streams.”
Overall, local broadcasting revenue was $649 million in the first quarter. That was a 9% increase over 2015. The growth was the result of an 18% increase at CBS Television Stations, reflecting the broadcast of Super Bowl 50 on CBS, higher political ad sales, and growth in retransmission revenue. By now it’s well known that CBS wants to spin off its radio division.
