Return of NFL Boosts ViacomCBS’ $6.61B Quarter

ViacomCBS posted $6.61 billion in quarterly revenue Thursday, an improvement on analyst estimates of $6.57 billion.

The 13% year-over-year increase was attributed in part to the beginning of the NFL season in the third quarter. In the first four weeks of the season, CBS’ average viewership increased 22% year-over-year to 17.9 million viewers.

The media giant struck an 11-year, $2.1 billion-per-season deal with the league in March.

Profit declined year-over-year from $615 million to $538 million despite a revenue spike, due to new investments in content development.

• Streaming revenue jumped 62% to $1.1 billion — passing the $1 billion milestone for the first time.
• Streaming advertising revenue increased 48% to $531 million, and cable network ad revenue moved up 6%.
• The TV Entertainment division, which includes CBS Sports, saw revenue climb 24% to $2.9 billion.

The company reached 47 million global streaming subscribers, adding 4.3 million in the three months ended Sept. 30.

During the quarter, ViacomCBS and Comcast announced the forthcoming SkyShowtime, a European streaming service that will combine the libraries of multiple media entities from each conglomerate.