CBS 3Q16 Earnings Call Notes

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CBS (CBS) Q3 2016 Results
Leslie Moonves – CBS Corp.

Base business very healthy

“In addition to that, our base business is very healthy. Nationally, advertising is accelerating here in the fourth quarter due to the higher upfront pricing that kicked in with the new season and a very, very strong scatter market. And locally, political advertising is extraordinarily high with spending like we’ve never seen before, led by down-ballot races, leading to new records for us at CBS.”

Record year for political advertising

“In Local, the big story of course is political advertising. Despite what you may have heard from other station groups, 2016 will be a record breaking year for us in terms of political spending. In fact, our total billing for this year’s Presidential race is on track to be 74% higher than it was four years ago and while the top of the ticket may be getting more attention, it’s what’s happening at the local levels that’s really interesting.”

Let’s see what happens to football after the election

“Look, as I mentioned, primetime is down a lot across the board. Sunday night is down a lot. Monday night is down. Thursday night is down. Once again, we’re done with our Thursday night games. We have it next year. It’s half a season. We don’t want to make any decisions or any thoughts about that. As I said, we’re really happy that 95% of our games are on Sunday, and those numbers are a lot better. Plus, there are a lot of factors. It’s a little early, and obviously the election has been mentioned. Let’s see what happens a little bit down the road.”