Moonves' Money Beyond Ads: CBS Earnings Beat Expectations

Driven higher by retransmission fees and digital revenue, CBS beat earnings expectations with an upbeat outlook for 2013. But revenue came in lighter-than expected, dragged down by CBS Radio's advertising declines, as well as foreign exchange rates, and the impact of the Republican and Democratic conventions pre-empting six nights of programming. But CEO Les Moonves' projections for the fourth quarter were rosy, saying the company will benefit from higher retransmission compensation, plus more digital revenue, as well as the surge of political advertising, which shifted into the fourth quarter this campaign season.