Viacom reported a second-quarter profit rise of 52% as a result of cost-cutting and higher revenues from cable TV. However, the company missed revenue expectations partly as a result of falling DVD sales.
The operator of channels including MTV and Comedy Central Comedy Central and owner of the Paramount film studio reported flat revenues for the quarter ending in June at $3.3bn (2.5bn). Domestic and worldwide ad revenue increased four per cent and CEO Philippe Dauman said he expects advertising to increase in the next quarter.
“Viacom has significantly strengthened its financial position, driving free cash flow and continuing to expand our operating margins, culminating this quarter with the delivery of Viacom’s first quarterly cash dividend,Â Dauman said. ÂImportantly, this was achieved without sacrificing our investment in programming, which allows us to further build our brands, launch major new hits and create even stronger connections with our audiences. As a result, we are well positioned to capitalize on improving trends in the advertising market. We have strong slates of new and returning programming debuting in the coming months on MTV, Nickelodeon, BET, Spike, Comedy Central and other networks, which we continue to deliver to audiences on multiple screens and devices.Â
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19 October 2020 @ 12:30:00 UTC