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Viacom profits plunge as box office viewers turn off

Wednesday, November 9, 2016 9:17
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(Before It's News)

Viacom, Inc (NASDAQ:VIAB) blamed continued soft performance at its networks and a weaker showing at the box office as profits plunged more than 70%.

In the three months to September, the media giant posted profits of US$254mln, or US$0.64 per share, compared with US$884mln, or US$2.21 a share, in the same period last year.

Revenues also missed Wall Street expectations, slipping 15% to US$3.2bn from US$3.3bn a year earlier.

Perhaps most interestingly of all, the earnings release failed to give any updates of the rumoured merger between Viacom and CBS.

Sumner Redstone’s National Amusements, Inc – which owns both companies – publicly called for the two media giants to consider a reunion to help adapt to the changing media landscape.

Earlier this month CBS’ chief executive Leslie Moonves said a decision on any potential merger was still “in the very early stages”, although it was hoped that there might be an update in today’s announcement.

Shares were down 1% to US$36.94.

Story by ProactiveInvestors

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