CBS Free Cash Flow Up 4%; Redstone Ecstatic

“CBS has delivered yet again,” crowed Sumner Redstone, CBS’s Executive Chairman.  Alas, the mogul may have been reading the wrong press release.  Despite a still-strong economy, CBS’s revenue declined 3% year over year.  TV was down 4%.  Radio down 11%.  The company’s small publishing business was about the only bright spot, with revenue up 14%.  The company did grow EPS 15%, but as we’ve pointed out before, “growth companies” can’t save their way to prosperity.  The good news is that CBS did “beat expectations.”

CBS Interactive, run by former Netscape executive Quincy Smith, has one of the best digital strategies of any traditional media company.  Unfortunately, the company’s digital operations are so small that the don’t merit any more than a passing mention in the quarterly release.

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