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Viacom profit up by 16%, despite fewer movie releases

American media conglomerate Viacom, home to such kid and youth-friendly cable networks as Nickelodeon and MTV as well as movie studio Paramount, saw its profits rise 16% during the first quarter of this year after offsetting revenue declines within its movie business.
January 30, 2014

American media conglomerate Viacom, home to such kid and youth-friendly cable networks as Nickelodeon and MTV, as well as movie studio Paramount, saw its profits rise 16% during the first quarter of this year after offsetting revenue declines within its movie business.

For the period ended December 31, 2013, profits totaled US$547 million, up from US$470 million last year.

Ad revenues for its cable channels rose 6.1% to US$2.54 within the Media Networks segment, which more than offset a 30% revenue decline within the company’s Filmed Entertainment segment that pulled in US$681 million for the quarter.

Viacom-owned Paramount, which is steadily building its animation and TV production capabilities, released Anchorman 2: The Legend Continues, Jackass Presents: Bad Grandpa, Nebraska and Wolf of Wall Street during Q1. Overall, theatrical revenues dropped 52% from the prior year due to fewer titles released in the quarter and lower carryover revenues. Home entertainment revenues declined 37%

Overall, operating income rose 20% to US$960 million, representing improved operating results across the company.

Just last week, the company announced the formation of a new program acquisitions group across its US media networks division in an effort to better coordinate domestic program purchasing activity and bolster a mix of original programming with acquisitions.

About The Author
Wendy is Kidscreen’s Associate Editor. When she’s not sourcing material for the brand's daily email newsletter, she’s researching, writing and connecting with others about the newest trends in digital media. Contact Wendy at wgoldman@brunico.com.

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