CBS reports Q4 Entertainment revenue up 18% to $2.82B
Entertainment revenues of $2.82B for the fourth quarter of 2017 increased 18% from $2.39B for the same prior-year period. This increase was led by 38% growth in content licensing and distribution revenues, driven by strong growth in both domestic and international licensing sales. Affiliate and subscription fees also contributed to the revenue increase and were up 40%, led by higher station affiliation fees and growth from digital initiatives, including CBS All Access and third-party live television streaming offerings. Advertising revenues increased 4% for the quarter, driven by the inclusion of the results of Network Ten, one of three major commercial broadcast networks in Australia, which the Company acquired in mid-November. Entertainment operating income of $465M for the fourth quarter of 2017 increased 25% from $371M for the same prior-year period, primarily reflecting the revenue growth, which was partially offset by an increased investment in programming, including costs for CBS All Access.