Viacom's board last week named Chief Executive Philippe Dauman
as the company's executive chairman, replacing ailing
92-year-old majority owner Sumner Redstone and piling pressure
on Dauman to improve the company's performance.
The company has struggled with diminishing ratings for its cable
networks in recent years as younger viewers migrate to online
and mobile video.
Domestic advertising revenue fell 4 percent as price increases
were more than offset by a decline in traditional ratings at
some of Viacom's networks.
Revenue in the company's filmed entertainment division, which
includes Paramount, fell 15 percent to $612 million, hurt by
fewer big film releases. The year-earlier quarter included the
strong performance of "Teenage Mutant Ninja Turtles".
Net income attributable to Viacom fell to $449 million, or $1.13
per share, in the first quarter ended Dec. 31 from $500 million,
or $1.20 per share, a year earlier.
Total revenue declined 5.7 percent to $3.15 billion.
Excluding items, Viacom earned $1.18 per share.
Analysts on average had expected a profit of $1.18 per share and
revenue of $3.26 billion, according to Thomson Reuters I/B/E/S.
(Reporting by Anya George Tharakan in Bengaluru and Jessica
Toonkel in New York; Editing by Ted Kerr)
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