Viacom Results Raise Hopes Worst Is Over for MTV, Comedy Central
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Viacom posted its highest quarterly revenue in almost two years, boosted by the acquisition of an Argentine TV network and the improved performance of movie studio Paramount Pictures.
Fiscal third-quarter revenue jumped 8.3% from a year earlier to $3.36 billion, compared with the $3.3 billion average of analysts’ estimates. Paramount posted its first profit since the final quarter of 2015, and boosted sales thanks to “Transformers: The Last Knight,” the fifth film in the franchise.
With the results, CEO Bob Bakish can point to some progress in his efforts to turn around Viacom, the beleaguered media company just emerging from a fight for control and a period of executive turnover. TV networks MTV, Comedy Central and BET have been losing viewers, and Paramount has been losing money.
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