People/Biz

Viacom profits rise in third quarter as ad sales climb

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 ...
August 8, 2019

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.

About The Author
Barry Walsh is editor and content director for realscreen, and has served as editor of the publication since 2009. With a career in entertainment media that spans two decades, prior to realscreen, he held the associate editor post for now defunct sister publication Boards, which focused on the advertising and commercial production industries. Before Boards, he served as editor of Canadian Music Network, a weekly music industry trade, and as music editor for HMV.com. As content director, he also oversees the development of content for the brand's market-leading events, the Realscreen Summit and Realscreen West, as well as new content initiatives.

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