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CORRECTED-UPDATE 1-Syndication, streaming deals lift CBS profit
February 12, 2014 / 9:30 PM / in 4 years

CORRECTED-UPDATE 1-Syndication, streaming deals lift CBS profit

(Deletes incorrect names of shows in first paragraph)

LOS ANGELES, Feb 12 (Reuters) - CBS Corp recorded higher profit for the quarter that ended in December, boosted by higher revenue from syndication of hit TV shows and digital streaming deals.

Shares of CBS jumped 3.5 percent to $63.99 in after-hours trading on Wednesday following the earnings report and the announcement of an accelerated share repurchase of $1.5 billion during the first quarter.

The media company posted adjusted diluted earnings per share of 78 cents, up 22 percent from a year earlier. Fourth quarter operating income rose 9 percent to $793 million.

CBS Corp operates CBS, the highest-rated U.S. broadcast network in overall viewers with its stable of hits such as “The Big Bang Theory” and “NCIS.” The company also operates Showtime and other cable channels, the publishing house Simon & Schuster, and radio stations. (Reporting by Lisa Richwine; Editing by Jonathan Oatis and Grant McCool)

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