Viacom quarterly profits jump 38%

MTV recovery leads media network growth

Viacom said Thursday net profit jumped 38% to $245 million last quarter on solid growth in media networks, led by a recovery at MTV – which posted its best-rated quarter in almost two years — narrowed losses at filmed entertainment, and lower expenses.

Revenue dipped 4% to $2.79 billion as growth in affiliate and advertising sales was more than offset by lower feature film revenue.

“With a boost in ratings at our core networks and the advertising market showing signs of strength, our ad revenues moved into positive territory and are continuing that upward trend,” said CEO Philippe Dauman in a statement.

Media Networks saw revenue rise 4% to $1.94 billion for the three months ended in March. Operating income grew 9% to $684 million.

Domestic advertising revenue nosed up 1% and worldwide ad revenue grew 3%. Worldwide affiliate revenue jumped 9%, due mainly to rate increases. Ancillary revenue fell 9% on softer sales of Rock Band music video games worldwide.

Networks include MTV, VH1, Nickelodeon, Nick at Nite, CMT, Logo, Comedy Central, Spike TV, BET and others.

Filmed Entertainment led by Paramount Pictures saw revenue fell 18% to $886 million on a 34% plunge in home entertainment sales. Operating losses for the division narrowed to $86 million from $123 million.

The revenue drop was mostly due to strong sales in the previous year’s quarter of “Madagascar: Escape 2 Africa.” There was no comparable seller this year, although the current quarter did benefit from sales of “Star Trek,” “Transformers: Revenge of the Fallen” and “G.I. Joe: The Rise of the Cobra.”

Theatrical revenue fell 6% and television license fees were down 16%.

Paramount opens the summer movie season next weekend with “Iron Man 2,” followed by DreamWorks Animation’s “Shrek Forever After” in 3D and Nickelodeon’s “The Last Airbender” by M. Knight Shyamalan.

More Film

  • Rebel Wilson and Taye Diggs

    Concert Review: 'Beauty and the Beast' Gets Adoring Tribute at Hollywood Bowl

    Viacom said Thursday net profit jumped 38% to $245 million last quarter on solid growth in media networks, led by a recovery at MTV – which posted its best-rated quarter in almost two years — narrowed losses at filmed entertainment, and lower expenses. Revenue dipped 4% to $2.79 billion as growth in affiliate and advertising […]

  • Solo a Star Wars Story Deadpool

    It's Official: Deadpool Is Now Cooler Than Han Solo

    Viacom said Thursday net profit jumped 38% to $245 million last quarter on solid growth in media networks, led by a recovery at MTV – which posted its best-rated quarter in almost two years — narrowed losses at filmed entertainment, and lower expenses. Revenue dipped 4% to $2.79 billion as growth in affiliate and advertising […]

  • solo a star wars story

    Box Office: 'Solo: A Star Wars Story' Headed for Underwhelming Holiday Weekend Debut

    Viacom said Thursday net profit jumped 38% to $245 million last quarter on solid growth in media networks, led by a recovery at MTV – which posted its best-rated quarter in almost two years — narrowed losses at filmed entertainment, and lower expenses. Revenue dipped 4% to $2.79 billion as growth in affiliate and advertising […]

  • solo a star wars story

    How the Kasdans Settled the Biggest Debate in 'Star Wars' History With 'Solo'

    Viacom said Thursday net profit jumped 38% to $245 million last quarter on solid growth in media networks, led by a recovery at MTV – which posted its best-rated quarter in almost two years — narrowed losses at filmed entertainment, and lower expenses. Revenue dipped 4% to $2.79 billion as growth in affiliate and advertising […]

  • Morgan Freeman Sexual Harassment

    Morgan Freeman Issues New Statement: 'I Did Not Assault Women'

    Viacom said Thursday net profit jumped 38% to $245 million last quarter on solid growth in media networks, led by a recovery at MTV – which posted its best-rated quarter in almost two years — narrowed losses at filmed entertainment, and lower expenses. Revenue dipped 4% to $2.79 billion as growth in affiliate and advertising […]

  • Euphoria Review

    Cannes Film Review: 'Euphoria'

    Viacom said Thursday net profit jumped 38% to $245 million last quarter on solid growth in media networks, led by a recovery at MTV – which posted its best-rated quarter in almost two years — narrowed losses at filmed entertainment, and lower expenses. Revenue dipped 4% to $2.79 billion as growth in affiliate and advertising […]

More From Our Brands

Access exclusive content