We are continuing to forge new deals with cable and satellite operators at fair value, while also resetting a large number of reverse comp deals that are coming up for negotiation. Every single day we're leveraging the power of the CBS Television Network, Showtime and our major market local assets to tap into new innovative revenue streams.
It's all borne out of the same idea that creating, owning and broadcasting the best content lends itself to infinite possibilities. So given our track record of success in that regard and our drive to keep doing what we do best, it stands to reason that we think our future as a content company is very, very bright.
I'll close by reminding you of two $2 billion numbers. First, our $2 billion of share repurchases here in just the first quarter. Second, $2 billion of retrans and reverse comps in 2020. So there is a lot to be excited about here at the CBS Corporation.
Thank you. So with that I'll turn it over to Joe.
Joseph Ianniello - COO: Thanks, Les and good afternoon everyone. Today, I'll start by giving you some more details about our fourth quarter and full year results, then I'll update you on our Outdoor transaction and discuss what lies ahead in 2014. After that we'll be happy to take your questions.
As you know by now, we delivered our best ever results in 2013, driven by the healthy performance of our base business and the growing strength of our non-advertising revenue streams. These results are indicative of the ever-increasing number of opportunities we have to monetize our content, and it's the trend we see continuing for many years to come.
During the fourth quarter, revenue of $3.9 billion was up 6%, with strength in every one of our key revenue types. Content licensing and distribution was up 28%, driven by growth in both traditional syndication, as well as SVOD. CBS, Showtime and CW content all contributed to the strong performance and international content sales grew 20%. Affiliate and subscription fees were up 7%, thanks to the continued increases in retrans and reverse compensation, as well as higher cable affiliate fees. In advertising, a 4% increase at the CBS Network during the quarter offset local political spending in 2012.
As Les said, our profit measures in the fourth quarter were up across the board. Operating income of $813 million was up 9%, and EPS of $0.78 was up 22%. It was our highest quarterly EPS we have ever reported. For the full year, our results were very consistent with the quarter. Revenue of $15.3 billion grew 8%, with solid gains in all three of our major revenue sources; advertising was up 4%, content licensing and distribution was up 15%, and affiliate and subscription fees grew 16%.
We also delivered strong annual gains in profits, trending right in line with our quarterly results. Full year OIBDA of $3.74 billion was up 7%. Full year operating income of $3.28 billion was up 9%, and full year EPS of $3.02, was up 18%.
Now, let's turn to our operating segment performance for the quarter. Entertainment revenue in the fourth quarter grew 11% to $2.2 billion. The segment benefited from our fast-growing streaming and syndication revenue both in the U.S. and abroad, as well as 4% growth in network ad sales led by our NFL programming. Revenue at our CBS Interactive unit was also up 14% for the quarter.