(Corrects spelling of Nickelodeon network in paragraph two)
By Jennifer Saba
Jan 31 Viacom Inc said quarterly
revenue fell 16 percent on weaker results from its movie studio
Paramount Pictures and lower advertising revenue at its stable
of cable networks.
Film revenue tumbled 37 percent, while domestic advertising
revenue fell 6 percent for the second quarter in a row, the
media conglomerate reported on Thursday. Viacom's cable networks
include MTV, Nickelodeon and Comedy Central.
In the past year, Viacom has been struggling with declining
cable ratings and has been trying to gain a steadier foothold
with its programming. It has invested in a new slate of TV
shows, including "Teenage Mutant Ninja Turtles," "Catfish" and
"Buckwild," which are beginning to show promise.
"It looks a little weaker than expected in most places,"
said Pivotal Research analyst Brian Wieser.
Wieser said he had hoped to see slightly better numbers for
advertising revenue. He had estimated a 4 percent decline.
Overall, fourth-quarter revenue totaled $3.3 billion, below
analysts' average forecast of $3.48 billion, according to
Thomson Reuters I/B/E/S.
Revenue from its media networks slipped 2 percent to $2.4
billion, while film revenue dropped 37 percent to $975 million.
Net income fell to $473 million, or 93 cents per share, from
$591 million, or $1.06 per share, a year earlier.
Earnings before special items were 91 cents a share, beating
analysts' average forecast by a penny.
(Reporting by Jennifer Saba in New York; Editing by Jeffrey
Benkoe and John Wallace)