18) QUARTERLY FINANCIAL DATA (unaudited):



	First			Second			Third			Fourth
2014 ^(a)	Quarter			Quarter			Quarter			Quarter			Total Year
Revenues:
Entertainment	$	2,303		$	1,835		$	1,911		$	2,260		$	8,309
Cable Networks	537			516			624			499			2,176
Publishing	153			211			199			215			778
Local Broadcasting	626			665			680			785			2,756
Corporate/Eliminations	(49		)	(39		)	(47		)	(78		)	(213		)
Total Revenues	$	3,570		$	3,188		$	3,367		$	3,681		$	13,806
Segment OIBDA:
Entertainment	$	457		$	376		$	335		$	287		$	1,455
Cable Networks	259			219			272			247			997
Publishing	13			24			43			27			107
Local Broadcasting	200			238			214			313			965
Corporate	(67		)	(56		)	(50		)	(96		)	(269		)
Total Segment OIBDA	862			801			814			778			3,255
Restructuring charges	—			—			(26		)	—			(26		)
Impairment charge	—			—			(52		)	—			(52		)
Depreciation and amortization	(71		)	(71		)	(68		)	(71		)	(281		)
Total Operating Income	$	791		$	730		$	668		$	707		$	2,896
Operating Income (Loss):
Entertainment	$	420		$	341		$	294		$	253		$	1,308
Cable Networks	254			213			266			241			974
Publishing	11			23			41			25			100
Local Broadcasting	179			215			126			292			812
Corporate	(73		)	(62		)	(59		)	(104		)	(298		)
Total Operating Income	$	791		$	730		$	668		$	707		$	2,896
Net earnings from continuing operations	$	462		$	418		$	72		$	402		$	1,354
Net earnings	$	468		$	439		$	1,639		$	413		$	2,959

Basic net earnings per common share:
Net earnings from continuing operations	$	.79		$	.73		$	.14		$	.78		$	2.46
Net earnings	$	.80		$	.77		$	3.08		$	.80		$	5.38
Diluted net earnings per common share:
Net earnings from continuing operations	$	.77		$	.72		$	.13		$	.77		$	2.41
Net earnings	$	.78		$	.76		$	3.03		$	.79		$	5.27

Weighted average number of common shares
outstanding:
Basic	585			570			532			515			550
Diluted	600			581			541			523			561

Dividends per common share	$	.12		$	.12		$	.15		$	.15		$	.54

(a) On July 16, 2014, the Company completed the Split-Off of Outdoor Americas and as a result, Outdoor Americas has been presented as a discontinued operation in the consolidated financial statements for all periods presented.



	First			Second			Third			Fourth
2013 ^{(a) (b)}	Quarter			Quarter			Quarter			Quarter			Total Year
Revenues:
Entertainment	$	2,539		$	2,008		$	1,884		$	2,214		$	8,645
Cable Networks	478			518			596			477			2,069
Publishing	171			189			224			225			809
Local Broadcasting	638			698			641			719			2,696
Corporate/Eliminations	(63		)	(44		)	(43		)	(64		)	(214		)
Total Revenues	$	3,763		$	3,369		$	3,302		$	3,571		$	14,005
Segment OIBDA:
Entertainment	$	480		$	429		$	431		$	418		$	1,758
Cable Networks	231			207			261			199			898
Publishing	12			21			43			37			113
Local Broadcasting	199			255			181			263			898
Corporate	(77		)	(64		)	(82		)	(109		)	(332		)
Total Segment OIBDA	845			848			834			808			3,335
Restructuring charges	—			—			—			(20		)	(20		)
Depreciation and amortization	(74		)	(73		)	(70		)	(73		)	(290		)
Total Operating Income	$	771		$	775		$	764		$	715		$	3,025
Operating Income (Loss):
Entertainment	$	440		$	391		$	394		$	368		$	1,593
Cable Networks	227			202			255			193			877
Publishing	10			20			41			35			106
Local Broadcasting	176			234			161			236			807
Corporate	(82		)	(72		)	(87		)	(117		)	(358		)
Total Operating Income	$	771		$	775		$	764		$	715		$	3,025
Net earnings from continuing operations	$	450		$	435		$	431		$	422		$	1,738
Net earnings	$	443		$	472		$	494		$	470		$	1,879

Basic net earnings per common share:
Net earnings from continuing operations	$	.72		$	.71		$	.71		$	.70		$	2.86
Net earnings	$	.71		$	.78		$	.82		$	.78		$	3.09
Diluted net earnings per common share:
Net earnings from continuing operations	$	.71		$	.70		$	.70		$	.69		$	2.79
Net earnings	$	.69		$	.76		$	.80		$	.76		$	3.01

Weighted average number of common shares
outstanding:
Basic	621			609			603			599			608
Diluted	638			624			618			615			624

Dividends per common share	$	.12		$	.12		$	.12		$	.12		$	.48

(b) During 2013, the Company completed the sale of Outdoor Europe which has been presented as a discontinued operation in the consolidated financial statements for all periods presented.