Viacom Inc. profits climbed in the media conglomerate’s third fiscal quarter, largely thanks to a “milestone” bump in domestic advertising revenue.
The New York-based owner of MTV, Nickelodeon, Comedy Central and Paramount reported a 4% increase in revenue Aug. 8, increasing to US$3.36 billion from $3.24 billion in 2018.
Net earnings attributable to Viacom rose to $544 million, or $1.35 per share, up from $522 million in 2018, or $1.29 per share
After a multi-year decline, Viacom most notably posted a 6% hike in domestic advertising sales.
“Importantly, we returned Domestic Advertising Revenue to growth, which is a direct result of the strategy we have been executing for the last two years and the significant progress we have made in scaling Advanced Marketing Solutions,” President and CEO Bob Bakish said, in a statement.
He added that Paramount’s revenue is keeping the company “on track to deliver full year profitability.” The film studio’s revenues increased 14% to $877 million in Viacom’s third quarter, driven by a a 29% jump in licensing revenue.
The fiscal reported offered no insight Viacom’s potential merger with CBS Corp., for which a special committee was established in February 2018.