Viacom Says 3Q Profits Hurt by ‘Turtles,’ Ad Sales
Viacom said that a disappointing performance by the latest Teenage Mutant Ninja Turtles movie and lower ad sales will drop fiscal third-quarter earnings per share to the $1 to $1.05 range.
A year ago, the company earned $1.47 a share. Viacom's third quarter covers the April-June period.
Viacom is in the middle of a nasty battle for control between CEO Philippe Dauman and the Redstone family, which has 80% of the company’s voting stock.
Related: Viacom Directors Call Dauman Removal Invalid
The company said another factor in the financial performance was a delay in completing a significant agreement with a subscription video on demand outlet.
Viacom said it expects domestic ad sales to be down about 4% in the quarter. The company also said it has substantially completed what it called “a very successful annual advertising upfront sales process.”
Related: Analyst Eagan ‘Cautiously Optimistic' About Media
Viacom will release its earnings on Aug. 4 and provide additional financial information during its regular earnings call with analysts that day.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.