Q1 media company results: CBS revenue rose...

Q1 media company results: CBS revenue rose 6 percent from the year-ago quarter to $4.04 billion, the broadcaster said in a news release Wednesday (http://bit.ly/12nMK6u). CEO Les Moonves said it was the company’s strongest quarter ever in revenue, operating income and other financial measures, and cited the broadcaster’s “big-event” content for its success. Along with events, the revenue rise included a 14 percent increase in affiliate and subscription fee revenue, which the release said was “driven” by a 62 percent increase in retransmission revenue. Cable networks sales rose 6 percent to $478 million, also driven by higher affiliate revenue, the release said. CBS said local broadcasting revenue increased 3 percent to $638 million on showing the Super Bowl and higher retrans sales. “What a Difference a Quarter Makes -- Nice Q1 results,” was the subject line of an email to investors from Wachovia analyst Marci Ryvicker. CBS executives said that Aereo, which the broadcaster has sued to block from streaming stations online without paying retrans (CD April 16 p7), isn’t a concern, said Ryvicker. “While a straight-to-cable model would be ‘easy to do,’ CBS doesn’t think it will amount to that since 1) Aereo is not a compelling product, 2) the legality remains questionable, and 3) we do not believe that Aereo has been a topic in any retrans negotiations to date.” CBS like other broadcasters has said it might move the over-the-air network to pay-TV if Aereo prevails in litigation and no changes were made to copyright law. Subscription VOD (SVOD) revenue will rise this year “even WITHOUT a new Netflix deal,” Ryvicker wrote. CBS stock closed up 2.1 percent to $47.35 Thursday. ... Scripps Networks Interactive sales rose 11 percent to $594 million from the year-ago quarter. Profit fell 6.2 percent to $107.8 million, SNI said (http://bit.ly/105b2Av). Ad revenue exceeded the expectations of Nomura Securities’ Michael Nathanson, but an 8.5 percent increase in affiliate fees was below his forecast, he wrote investors Thursday. SNI shares closed up 2.9 percent at $68.73. ... WWE revenue rose less than 1 percent from Q1 2012, to $124 million, as operating income fell 62 percent to $6.1 million. Results were hurt by “investments in our content production and talent, lower profits from home entertainment and weakness in international licensing sales,” the cable programmer said in a news release Thursday (http://bit.ly/ZXZi73). ... Journal Communications sales rose 15 percent to $94.7 million from the year-ago quarter as TV revenue rose 43 percent partly because of an acquired station, the company said in a news release Thursday (http://bit.ly/163cOdJ). “On a same-station basis, television revenue increased almost 8 percent, driven, in part, by increased retransmission revenue.” Companywide profit rose 30 percent to $3.8 million. ... Crown Media sales rose 2 percent to $85.6 million as ad revenue and subscriber fees increased by that percentage, the cable programmer said in a news release (http://bit.ly/XQU6g6). It said “programming costs decreased 7 percent due to the expiration of a number of programming license agreements and the end of ‘The Martha Stewart Show’ agreement,” and such expenses likely will rise. Profit rose 18 percent to $14.5 million. ... Gray Television sales fell 3 percent to $78.2 million “due to the expected decrease in political advertising revenue,” the company said in a news release (http://bit.ly/16uA9oE). Retrans sales rose on “increased subscriber counts and rates,” Gray said. Profit fell 74 percent to $870,000. “Q1 came in stronger than expected across the board and core Q2 guidance indicates acceleration in the core business,” Ryvicker wrote. Gray shares closed up 2.4 percent at $6.53 Thursday.