Viacom forecasts third-quarter profit below analysts' estimates

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[June 17, 2016]  (Reuters) - Viacom Inc. forecast third-quarter adjusted profit below analysts' estimates due to lackluster collections for "Teenage Mutant Ninja Turtles: Out of the Shadows", as well as a delay in completing a video streaming agreement.

Viacom, which is in the middle of fierce battles for control of the company, said it expects to post adjusted earnings of about $1.00 to $1.05 per share in the quarter.

Analysts on average were expecting a profit of $1.38 per share, according to Thomson Reuters I/B/E/S.

Viacom's shares dropped 1.8 percent to $44.24 in premarket trading on Friday.

Viacom had also expected to complete a significant video streaming agreement in the quarter, but said that was delayed due to "the recent and highly public" governance controversy surrounding the company.

The media company, controlled by 93-year-old media mogul Sumner Redstone, also said that it expects domestic ad sales to decline about 4 percent.

Viacom will report its third-quarter results on August 4.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Savio D'Souza)

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