— CBS Corporation (NYSE: CBS) reported its third-quarter 2019 adjusted earnings of $0.95 per share versus $0.91 per share expected.
— The results were hurt by the costs related to the pending merger with Viacom Inc. (NYSE: VIAB), increased investment in content, including a higher number of series produced for multiple platforms, as well as direct-to-consumer streaming services.
— Revenues rose by 1% to $3.3 billion versus $3.36 billion expected. The growth in affiliate and subscription fees, as well as content licensing and distribution, offset the decline in advertising revenue.
— Entertainment revenues rose by 4% on increases in station affiliation fees and revenues from virtual MVPDs, as well as subscriber growth at CBS All Access.
— Cable Networks revenues grew by 6% on growth from the Showtime digital streaming subscription offering and the inclusion of the results of Pop.
— Publishing revenues fell by 9% due to lower print book sales. Local Media revenues declined by 6% on lower political adverting sales.
— On October 28, 2019, the merger and the related proposals were approved by National Amusements and its affiliate, which satisfies the closing conditions. The merger is expected to close by early December 2019.