CBS: Big markets coming back.
CEO Les Moonves says trends are moving in the right direction and there’s been “very steady and very real” improvement. He says local radio and TV stations were hit by the recession first, and it appears they’re first to come back. Moonves says radio sales pacing “has been on the rise for a couple of months.”
CBS Radio revenues fell 23% in second quarter, but that’s 6% better than the decline seen in the first quarter and the current quarter looks even better. “The fact is CBS Radio has not lost audience over the past five years and as competitors in weaker financial shape fall off, we can only get stronger,” says Moonves.
Overall, CBS revenues fell 11% last quarter. Moonves concedes the economic climate is still “very difficult” and predicts CBS will continue to face a “rough” economic environment, but adds, “What we are seeing is that the worst is behind us, people are coming to mass media to get their message out.”