CBS’ Earnings Projections Take Big Hit As Network’s NFL Sunday Ratings Crash 17% from Last Year
The NFL is scheduled to have a meeting on Tuesday to discuss, as Commissioner Goodell puts it, moving “past the anthem controversy.” For CBS, the NFL couldn’t move past the anthem controversy fast enough.
According to Credit Suisse, CBS’ plummeting NFL television ratings will have a direct impact on the company’s earnings.
Credit Suisse cut CBS’ third quarter EPS estimates by 5 percent, due to the network’s struggling Sunday NFL ratings.
According to Credit Suisse analyst Omar Sheikh, “We expect third-quarter network advertising to decline 3 percent (previously +1 percent), driven by soft ratings for both the summer schedule and for the start of the NFL season. With only one of the three content licensing deals we expected for the second half announced in third quarter, we also expect content licensing revenue growth to be skewed to the fourth quarter.”