From my live Twitter coverage (sdkstl) of the CBS (NYSE: CBS) earnings call featuring Chairman Sumner Redstone, CEO Leslie Moonves, outgoing CFO Fred Reynolds, incoming CFO Joe Ianniello:
» Moonves: improvement has been very steady, very real. … Q2 better than Q1, Q3 better than Q2. Signs of recovery gathering steam.
» Moonves sees change on local level. Not back at levels we want but clearly on the rise — local biz first hit, first to come out
» Moonves: ‘Full exclusivity in syndication is thing of distant past.’ NCIS revenues from broadcast, cable, 196 mkts international, streaming, iTunes, DVD
» Moonves: Authentication (whatever you call it) puts us ‘on a track towards closer economic parity online and on air.’
» Ianniello: will continue to “prune” mid-level radio stations; acquisitions face ‘higher hurdle’
» Moonves re buying: If there are some tuck-ins that work with internet group that are profitable, which our internet biz is, we will do that
» Moonves on #upfront: We expect to sell 65-ish%, about 10 points less than last year. Scatter up 30%. Cash for clunkers real shot in the arm