CBS Outdoor revenues slump 15%

CBS Outdoor says revenues slumped 15% in the fourth quarter, hit by the strength of the US dollar and declining advertising market.

Total outdoor revenues dipped to $526.3m (£366.1m) in the three months to December 31 while operating income dropped 75% to $35.2m (£24.5m) on the revenue decline and higher transit and billboard lease costs. International revenues slipped 16% compared with the same period last year.

Parent CBS Corporation saw total revenues dip 6% to $3.5bn (£2.4bn) taking operating income down 58% to $298.2m (£207.4m) as the company tackles “the most difficult financial environment in history”.

Television revenues, generated via shows such as CSI: Crime Scene Investigation and Two and a Half Men slipped 8% to $2.2bn (£1.5bn) while radio revenue fell 18% to $366.7m (£255.1m).

CBS Outdoor’s 15% decline internationally contrasts with recent Outdoor Advertising Association data for the UK that showed gross revenue dipped just 1.1% in the fourth quarter.

Earlier this month, CBS Outdoor launched a loyalty scheme for clients allowing them to earn rewards based on the distance that their campaigns travel across the country.

The move followed the appointment of former Blockbuster international chief Chris Wyatt as interim UK Chief executive following the departure of Andrew Oldham last year.

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