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CBS misses revenue estimates on weak content licensing and distribution

FILE PHOTO: The CBS broadcasting logo is seen outside the CBS Broadcast Center in Manhattan, New York, U.S., July 30, 2018. REUTERS/Shannon Stapleton/File Photo

(Reuters) – CBS Corp on Thursday reported fourth-quarter revenue below analysts’ estimates due to a drop in content licensing and distribution sales.

Net income from continuing operations rose to $561 million, or $1.49 per share, in the quarter ended Dec. 31 from $40 million, or 10 cents per share, a year earlier.

The company recorded a $129 million charge related to the changes in the U.S. tax law last year.

CBS, home to popular shows such as the “Big Bang Theory,” and “NCIS”, said total revenue rose 2.6 percent to $4.02 billion, below estimates of $4.13 billion, according to IBES data from Refinitiv.

Reporting by Vibhuti Sharma in Bengaluru; Editing by Anil D’Silva

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