Viacom Q3 profit falls
August 6, 2015
Viacom has reported weaker-than-expected revenue for the third quarter, hurt by lower revenue from its movie business. The company, which operates popular TV channels including MTV and Nickelodeon, was also hurt by a fall in its US advertising revenue.
Revenue from Viacom’s studio business, which includes Paramount Pictures, fell 44 per cent to $479 million(€439m). The company had benefited in the year-earlier quarter from the fourth movie in the Transformers franchise Transformers: Age of Extinction.
Viacom’s movie slate for Q4 includes Terminator: Genisys and Mission: Impossible – Rogue Nation, which are expected to lift revenue.
The company, controlled by billionaire Sumner Redstone, said advertising revenue fell 9 per cent in its US cable and media network business.
Net profit from continuing operations attributable to Viacom fell to $591 million in the quarter from $611 million a year earlier.
Revenue fell 10.6 per cent to $3.06 billion.