ViacomCBS edged Wall Street estimates in the second quarter, with revenue rising 8% to $6.56 billion and earnings per share coming in at 97 cents on an adjusted basis. Analysts had expected earning…
to roll out Paramount+ in the UK and Europe in 2022. The revamp and expansion of CBS All Access hit the U.S. in March and has gone to more than two dozen other global territories.
Along with streaming, advertising was a major theme in the results. Ad revenue rose 24% in the quarter in the TV Networks and Cable Networks divisions. Key to the upswing were CBS sports broadcasts, which didn’t exist in the same quarter a year ago due to Covid-19. On the cable side, the company credited “an improved advertising market.”Licensing revenue fell 36% to $1.
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