You will be redirected back to your article in seconds

Viacom Net Drops 8.6% Even As ‘Interstellar,’ Cable Fees Boost Revenue

Viacom said profit in its fiscal first quarter fell nearly 9% despite a 4.4% rise in revenue in the period sparked by box-office results for the Christopher Nolan-helmed “Interstellar” and an increase in the amount of fees the company’s various cable networks collected from cable and satellite operators.

Net earnings from continuing operations attributable to the owner of MTV and Comedy Central for the period ended Dec. 31  fell to $500 million, or $1.20 per share, compared with $547 million, or $1.20 per share, a year earlier. The results were affected by special items, which include a tax expense and pension settlement, as well as the effects of foreign exchange. Stripping out those items, Viacom would have earned $1.29 a share.

Revenue rose to $3.34 billion from $3.2 billion. Wall Street had expected revenue of $3.41 billion.

Wall Street may focus on a 6% decrease in U.S. advertising revenue, as the broader media sector has in recent months experienced advertising declines  thanks to burgeoning competition from a slew of new technologies, including mobile tablets and streaming video. Viacom said its media networks, the core business of the company, saw revenue increase to $2.65 billion, thanks to higher fees from video distributors and an increase in revenue from international advertising. The U.S. advertising decline came about due to lower ratings, the company said. Ad revenues from overseas holdings rose 3%, thanks to Channel 5, which Viacom acquired in September.

Revenue at the company’s filmed-entertainment unit rose  6%, to $720 million. Viacom cited performance in the period by “Teenage Mutant Ninja Turtles” as well as “Interstellar.”


More TV

  • ‘Stan & Ollie’ Producer Making Joan

    ‘Stan & Ollie’ Producer to Make TV Series About Joan and Jackie Collins

    The colorful lives of movie star Joan Collins and her bestselling novelist sister, Jackie, will be dramatized in a TV series. Sony-backed Fable Pictures, the British film and TV producer behind “Stan & Ollie,” will make the series, having secured the TV rights to the Collinses’ story. The series, which has the working title “Joan [...]

  • Friends From College

    'Friends From College' Canceled by Netflix

    Netflix has canceled comedy series “Friends From College” after two seasons. “Friends from College will not return for a third season,” a Netflix spokesperson said in a statement Monday. “We’re grateful to creators Nick Stoller and Francesca Delbanco for creating a wise, funny and supremely relatable show. We also want to thank the hard-working crew, [...]

  • Mandy Moore

    Mandy Moore Opens Up About Her Marriage to Ryan Adams: ‘I Was So Sad’

    Mandy Moore opened up about her marriage to Ryan Adams on Monday’s episode of Marc Maron’s “WTF” podcast. While the interview was taped before the publication of the Feb. 13 New York Times report in which multiple women, including Moore, accuse Adams of sexual misconduct or emotionally abusive behavior, she speaks freely about the “unhealthy dynamic” in [...]

  • Lisa Borders Time's Up

    Time's Up President Lisa Borders Resigns

    Lisa Borders has resigned as president of Time’s Up, she and the organization announced on Monday. Borders is resigning due to family issues, she said in a statement. Time’s Up COO Rebecca Goldman will now serve as interim CEO. “As Time’s Up continues to grow, I am proud of the work I have done to [...]

  • Alfonso Cuaron71st Annual Writers Guild Awards,

    Alfonso Cuarón on Academy's 'Inevitable' Reversal on Televised Oscar Categories

    Alfonso Cuarón isn’t exactly surprised that the Academy reversed its decision and will now air all the Oscar categories during the live show on Sunday. Feb. 24. Calling the decision “inevitable,”Cuarón tells Variety that he thinks the Academy should take things even further. “Let’s stop calling them technical categories!” he told Variety on Sunday night [...]

  • Desus Nice The Kid Mero

    TV Shows to Watch the Week of Feb. 18, 2019: Academy Awards, 'Desus & Mero'

    Welcome back to Tune In: our weekly newsletter offering a guide to the best of the week’s TV. Each week, Variety’s TV team combs through the week’s schedule, selecting our picks of what to watch and when/how to watch them. This week, the Academy Awards air and Desus & Mero make their debut on Showtime. [...]

  • WARNING: Embargoed for publication until 00:00:01

    BBC Takes Stake in New Company Set Up by ‘Luther,’ ‘Bodyguard’ Exec

    BBC Studios has taken a minority stake in Firebird Pictures, the new drama indie being set up by BBC execs Elizabeth Kilgarriff and Craig Holleworth. Kilgarriff’s credits include “Luther,” “Poldark,” “McMafia” and upcoming Richard Gere-starrer “MotherFatherSon.” She commissioned breakout drama hit “Bodyguard.” Holleworth will be the new company’s COO, having run business and operations for [...]

More From Our Brands

Access exclusive content