Viacom's Paramount Pictures posts 10th quarterly bottom line improvement in a row
Viacom, the company behind Paramount Pictures and such cable networks as MTV, Nickelodeon, BET, Comedy Central and Paramount Network, on Thursday reported better-than-expected fiscal third-quarter earnings.
Viacom reported its latest financials amid merger talks with CBS Corp., which like Viacom is controlled by the Redstone family's National Amusements. CBS will post its latest financials after the market close on Thursday. Observers therefore initially expected the deal talks to be completed by Thursday morning and a deal to be unveiled together with the earnings, but sources said the talks are continuing with a focus on the stock exchange ratio, basically the price.
Quarterly revenue rose 4 percent to $3.36 billion, with U.S. advertising revenue in the company's cable networks unit up 6 percent, but affiliate fee revenue down 1 percent due to subscriber declines, "partially offset by higher contractual rates and OTT and studio production revenues." Amid the CBS deal talks, he added: "As this quarter shows, Viacom’s brands are strong, our strategy is delivering, and our investments continue to position us well for the future.”
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