CBS' Q1 Earnings Likely Boosted By Higher Affiliate And Retransmission Fees

We believe that CBS will report continued growth in its non-advertising income from subscription and retransmission consent. However, advertising income likely trended lower since the network had one less Playoff game in the March quarter as compared to the prior year period. The advertising trends are uneven as they are driven by various events, from one quarter to the next. It is thus important for CBS to increase its reliance on more stable sources of income, such as subscription and retransm...