CBS Reports Net Loss of $55.3 million
CBS recorded a net loss of $55.3 million for the first quarter of 2009, compared with a profit of $244 million in the prior year period. In a statement this afternoon, CBS Chief Executive Leslie Moonves joined a chorus of rival media executives in predicting easier times ahead. In the earnings statement, Moonves alluded to, “early signs of an improving local advertising marketplace.”
Television revenue was down 12% to $2.23 billion from $2.54 billion on lower ad sales and TV license fees. Home entertainment revenue bucked an industry wide decline however, rising 69%. Affiliate fees were also higher, up 9% on subscriber growth and rate increases at Showtime Networks and CBS College Sports Network. Operating income in television was down 54% to $184.7 million for the first quarter.
Hulu Adds International TV Shows, But Only For Americans
Hulu, the Internet TV venture backed by NBC Universal, News Corp. and The Walt Disney Co., announced it has added popular international TV shows and movies -- including content from Britain, Japan and India -- but the service, for now, is still available only to U.S. users. The new content includes Bollywood films and hit U.K. television shows from Endemol, as well as Japanese anime.
Final four couples picked for Y&R wedding contest
A St. Petersburg couple is among the four finalists in the running for an all-expense paid Las Vegas wedding hosted by stars from Y&R. The couple learned this week that they were picked by "Y&R" cast members Christel Kahlil and Daniel Goddard for the final round of "THE YOUNG AND THE RESTLESS of a Lifetime in Las Vegas Contest."
Moonves: NBC’s Leno Move Helps CBS
CBS CEO Les Moonves said that NBC’s decision to put Jay Leno on in prime time will help his company’s bottom line.
“We were the No. 1 network at 10 o’clock last year,” Mr. Moonves told analysts and investors during CBS’ quarterly earnings conference call Thursday.
He estimated that CBS took in 38% of the broadcast ad revenue available at 10 p.m., and that even if Leno does great for NBC, he expects CBS’ ad revenue share to jump to “45%, maybe 47%.”
INTERVIEW: Kim Crowther (Producer, CORONATION STREET)
"It's very frustrating when you're working so hard on a storyline that you think will have a great impact, but could potentially be a damp squib if everyone knows about it. I hope that we play stories in such a way that they'll have a great impact even if you know what the outcome might be. Lucky, though, we've just come away from story conference and some of those stories have changed. It's always the way, though. We'll have an idea and when writers go away and work on it, they come back to the table and they go in a slightly different direction. It's very frustrating nevertheless."
INTERVIEW: Soap vet Mark Pinter (Part 4)
"Oftentimes, children do what their parents do, even though you may not send them on that road. We never, ever pushed our kids in this business. Because it’s a very, very difficult business. You want to spare your children the pain of being told ‘no’ all the time. You really, really have to get used to being beaten on the head in this business. Sure enough, they found their way down that road."
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