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Media moguls say they’re starting to see signs of a bottom to the recession and the beginnings of an upturn in the advertising market—just in time for the upfront advertising sales season. Last week, several major media companies reported they took their lumps in the first quarter, but their top executives...
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Sun, May 10 2009
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Filed under: Broadcast, Cable, Print Edition, Earnings, Leslie Moonves, CBS Corp., Scripps Networks, Rupert Murdoch, Economy, Walt Disney Co., John Lansing, Bob Iger, New Corp.
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CBS CEO Les Moonves said that NBC’s decision to put Jay Leno on in prime time will help his company’s bottom line. “We were the No. 1 network at 10 o’clock last year,” Mr. Moonves told analysts and investors during CBS’ quarterly earnings conference call Thursday. He estimated that CBS took in 38% of...
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Thu, May 7 2009
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Filed under: Broadcast, Cable, Digital, Advertising, CBS, NBC, Syndication, Jay Leno, Earnings, Les Moonves
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CBS lost $55.3 million in the first quarter as the weak economy and the advertising market slump took a toll on the broadcaster. The loss of 8 cents a share compares to earnings of $244.3 million, or 36 cents a share, a year ago when programming costs were lower because of the Writers Guild of America...
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Rupert Murdoch says, "The worst is over." The News Corp. CEO, noting he has been uncharacteristically pessimistic on recent earnings calls, now says "the days of precipitous declines are over" and that "we are beginning to see a number of bright spots." For TVWeek's...
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Walt Disney’s fiscal second-quarter profit fell 46%, with a slight drop in earnings from its media networks unit overshadowed by plunging profit from its studio entertainment and parks and resorts operations. Disney’s operating profit from media networks for the quarter ended March 28 fell 4% to $1.31...
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Time Warner reported lower first-quarter earnings because of big losses at AOL, but said profits were up at what it called its “Content Group.” Net income was $661 million or 55 cents a share, down from $771 million or 64 cents a share a year ago. Revenues fell to $6.9 billion from $7.5 billion. Time...
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Wed, Apr 29 2009
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Filed under: Broadcast, Cable, Digital, HBO, Syndication, Earnings, Time Warner, Jeff Bewkes, Turner Broadcasting, AOL, Warner Bros., first quarter
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First-quarter earnings fell 45% at NBC Universal, parent company General Electric announced Friday morning. While its cable networks continued to deliver double-digit growth, GE CEO Jeff Immelt said in a statement, “NBC Universal has a tougher performance overall due to a soft advertising market and...
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Fri, Apr 17 2009
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Filed under: Broadcast, Cable, Digital, Syndication, NBC Universal, Earnings, General Electric, Jeff Immelt, Keith Sherin, first quarter
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Investment firm Sanford C. Bernstein on Wednesday released a new pessimistic report on media company earnings. “The recent run-up in media stocks suggests investors are looking past the horrid near-term trends to a happier place off in the horizon,” said analyst Michael Nathanson in a report. “However...
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Wed, Apr 8 2009
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Filed under: Broadcast, Cable, Digital, Advertising, CBS, Viacom, Syndication, Research, Earnings, Time Warner, News Corp., Economy, Walt Disney Co.
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Despite the tough economy and a deep advertising market slump that cut CBS’ fourth-quarter earnings in half and forced the company to slash its dividend, CEO Leslie Moonves said he’s looking forward to the upfront. Citing ratings growth at the company’s broadcast network during Wednesday’s earnings call...
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CBS Corp.’s profit fell 52 percent in the fourth quarter as business deteriorated at its television operations. The company cut its quarterly dividend to 5 cents a share, down from 27 cents in an effort to maintain financial flexibility in the recession. Fourth quarter net earnings declined to $136.1...
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Media companies just aren’t worth what they used to be. News Corp. and Time Warner last week both took billion-dollar writedowns against quarterly earnings as the economy lowered the value of some of their assets. The industry titans said the downturn was steeper than anticipated and the watchword going...
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Sun, Feb 8 2009
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Filed under: Broadcast, Cable, Advertising, Print Edition, Earnings, Scripps Networks, Time Warner, Jeff Bewkes, Rupert Murdoch, News Corp., Economy
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Walt Disney Co.’s first quarter profit fell 32%, driven down by weaker performance at its broadcast and cable holdings as the economy has slowed. “We faced a challenging first quarter with many of our businesses impacted to various degrees by the economic downturn,” said Robert A. Iger, Disney’s president...
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Fox Broadcasting parent News Corp. said today that its fiscal first-quarter earnings fell 30% as a drop in profit from its broadcast and local television operations more than offset a boost in earnings from cable network programming. The company, factoring in the U.S. economic downturn’s effect on local...
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Strong political advertising helped drive Hearst-Argyle Television’s profit for the third quarter up 20 percent. The station group reported Thursday that its net income for the quarter that ended Sept. 30 increased to $11.6 million, or 12 cents per share, from third quarter 2007’s $9.7 million, or 10...
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CBS Corp. reported a third-quarter net loss of $12.5 billion, or $18.58 per share, despite a slight uptick in revenue that came mostly from syndication growth and the acquisition of CNET. CBS had said earlier in October that it would be taking a $14 billion writedown because of the diminished market...
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Thu, Oct 30 2008
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Filed under: Broadcast, Cable, Showtime, Advertising, Syndication, Katie Couric, Earnings, Leslie Moonves, CBS Corp., CNET, CBS College Sports Network, Sumner Redstone