(Reuters) -ViacomCBS Inc on Thursday reported quarterly revenue that beat Wall Street estimates, driven by growth in affiliate fees and an uptick in broadcast TV advertising thanks to the Super Bowl airing on its CBS network.
Despite intense competition from major streaming players like Netflix Inc and Disney+, ViacomCBS was also able to capitalize on its platform Paramount+ through its sports and news broadcast, as some live sporting events resumed.
Affiliate fees, which refer to the fees collected from cable, satellite and online distributors, gained 5% at $2.08 billion in the first quarter.
Revenue rose 14% to $7.41 billion in the quarter ended March 31, beating estimates of $7.31 billion, according to IBES data from Refinitiv.
Net earnings attributable rose to $899 million, or $1.42 per share, from $501 million, or 81 cents per share, a year earlier.
(Reporting by Eva Mathews in Bengaluru; Editing by Amy Caren Daniel)
