|
Revenue from Viacom's film business jumped 37 percent to $895
million in the company's second quarter ended March 31. Analysts
on average had expected the business to generate revenue of
$676.5 million, according to financial data and analytics firm
FactSet.
Viacom said action thriller "xXx: Return of Xander Cage",
starring Vin Diesel, grossed more than $346 million at the
worldwide box office.
The media company in February said it would focus on six of its
brands as part of a turnaround plan orchestrated by Chief
Executive Bob Bakish. The brands are: Paramount, BET, Comedy
Central, MTV, Nickelodeon and Nick Jr.
Additionally, Bakish has said he is focused on improving
relations with Viacom's affiliates, and licensing less content
to video streaming companies like Netflix and Hulu.
Net profit attributable to Viacom fell to $121 million, or 30
cents per share, in the company's second quarter, from $303
million, or 76 cents per share, a year earlier.
The company took a $174 million charge related to restructuring
in the second quarter.
Excluding items, Viacom earned 79 cents per share, beating
analysts' average estimate of 59 cents per share, according to
Thomson Reuters I/B/E/S.
Viacom's revenue rose 8.5 percent to $3.26 billion. Analysts had
expected $3.02 billion.
Shares of the company were up slightly in light premarket
trading.
(Reporting by Rishika Sadam and Anya George Tharakan in
Bengaluru; Editing by Sai Sachin Ravikumar)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
