CBS, the owner of the most-watched U.S. TV network, reported a 10 percent rise in quarterly revenue, beating Wall Street estimates, as the U.S. presidential campaign and Super Bowl broadcast boosted spending on advertising.
The New York–based company, whose earnings also beat expectations, said on Tuesday that ad revenue jumped 31.3 percent in the first quarter.
"We're finishing the year very strong as the number one watched network for 13 out of 14 years," Chief Executive Les Moonves said Wednesday on CNBC's "Squawk on the Street."
One significant factor that lifted ad revenues? The scatter market: or the market for television ads bought after a new season has begun.