Viacom reported higher revenue big charges as new CEO Bob Bakish implements his turnaround plan. Net income fell to $121 million from $303 million a year ago. The results include restructuring and programming charges of $280 million. Adjusted net earnings were up 5 per cent. Revenues rose 8 per cent to $3.3 billion.
Viacom’s media networks reported a 7 per cent decrease in adjusted operating income to $747 million. Media network revenues increased 1 per cent to $2.39 billion. Affiliate revenue rose 2 per cent to $1.16 billion, with domestic affiliate revenues up 1 per cent to $975 million.
Bakish is prioritising six flagship brands: BET, Comedy Central, MTV, Nickelodeon, Nick Jr. and Paramount.