Viacom, proprietor of MTV, Comedy Central, and Paramount, reported combined quarterly outcomes Thursday as higher-than-expected income in its movie unit and improved home advert gross sales offset decrease income from U.S. cable TV operators and on-line distributors.
Like different media firms, Viacom has struggled to spice up rankings and promoting as viewers more and more watch their favourite reveals on digital units and telephones.
Income from Viacom’s movie unit, which incorporates theater and licensing income, grew 2 % to $789 million from a 12 months earlier.
Nonetheless, home affiliate income fell three % to $948 million within the quarter. Analysts had anticipated a 1.eight % drop, based on monetary knowledge and analytics agency FactSet.
Home advert gross sales had been flat at $936 million, whereas analysts had anticipated a two % enhance. Nonetheless, U.S. home advert gross sales had been Viacom’s strongest since 2014, based on a Jefferies report on Thursday.
The corporate’s shares had been up 1.6 % in premarket buying and selling.
Chief Government Bob Bakish, who took the helm late final 12 months, has made enhancing relations with cable and satellite tv for pc firms a precedence.
Final month, Viacom reached a cope with Charter Communications to place eight of its hottest networks in Constitution’s most cost-effective U.S. cable bundle.
Below the deal, which was introduced Wednesday, Viacom can even create authentic content material for Constitution’s Spectrum prospects and all its channels will stay obtainable.
Web revenue attributable to Viacom rose to $674 million, or $1.67 per share, in its fiscal fourth quarter ended Sept.30, from $254 million, or 64 cents a share, a 12 months earlier.
The quarter included a $127 million acquire from an asset sale.
Whole income rose 2.9 % to $three.32 billion.
Excluding objects, the corporate earned 77 cents per share.
Analysts, on common, had anticipated earnings of 86 cents per share and income of $three.23 billion, based on Thomson Reuters I/B/E/S.
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