CBS Corp. said profit fell about 35 percent in the third quarter as the media company continues to ramp up its spending on programming and incurs higher costs ahead of its planned merger with sister company Viacom. (WSJ)
Advertising revenue decreased, as expected, 7 percent from the third quarter of 2018, when the company had “record political advertising sales fueled by the 2018 midterm elections.” But acting CEO Joe Ianniello highlighted “solid underlying network advertising growth of 2 percent during the quarter.” (THR)
During a call with investors, Ianniello said CBS planned to bolster its streaming-video offerings, with live soccer matches slated to be included in the company’s subscription service, CBS All Access, and free video-streaming channels slated to debut on Pluto, the ad-supported streaming hub operated by Viacom. A formal announcement of the latter is scheduled for as soon as Wednesday, the executive said. (Variety)
CBS has won the rights to air UEFA Champions League soccer beginning in 2021, beating out several other suitors, Ianniello said. The package includes more than 400 matches a year, spanning nine months out of the year. (Deadline)