Centre company Viacom reported quarterly revenue below Wall Row estimates on Thursday, as domestic advertising sales fell and the media body collected lower fees from cable TV operators and online distributors.
The public limited company said worldwide affiliate revenue fell 3 percent to $1.15 billion, absent oneself from estimates of $1.16 billion, according to research and data analytics steady Factset.
Viacom, the owner of MTV, Comedy Central and Paramount Pictures, voted domestic advertising revenue fell 3 percent to $922 million.
Since engaging the helm in 2016, Chief Executive Officer Bob Bakish has focused on a turnaround representation, which includes improving programming at its cable TV networks and improving blood relatives with distributors.
Paramount Pictures, which returned to profitability in the other quarter, did well in the domestic market in the reported quarter thanks to the manumit of “A Quiet Place,” the first film under Paramount’s new management yoke, as well as “Book Club”.
Viacom and CBS, both controlled by Sumner and Shari Redstone’s ancestry company, National Amusements, are exploring a merger, but the efforts have been contrasted by CBS Chief Executive Officer Leslie Moonves.
Net income attributable to Viacom kill to $522 million, or $1.29 per share, in the third quarter ended June 30, from $683 million, or $1.70 per slice, a year earlier.
Total revenue fell to $3.24 billion from $3.36 billion.
On an button up basis, the company earned $1.18 per share.
Analysts on average had supposed a profit of $1.07 per share and revenue of $3.26 billion, according to Thomson Reuters I/B/E/S.
Punishment: This story has been updated to show worldwide affiliate receipts fell 3 percent to $1.15 billion, missing estimates of $1.16 billion.