Q3 transformation isn't good for Viacom
EmptyA deteriorating television advertising market and movies that couldn't compete with last year's "Transformers" juggernaut caused Viacom on Monday to post third-quarter net income that fell 37%.
Last year also benefited from a $192 million gain from the sale of publishing company Famous Music.
Overall, Viacom earned $401 million in the quarter on revenue that grew 4% to $3.4 billion.
Revenue at Viacom's media networks business rose 6% to $2.13 billion even as ad sales declined 2% worldwide. Cable and satellite fees were up 12%.
One especially bright spot during the most recent quarter was the video game "Rock Band."
Ancillary revenue at the media networks business shot up 36% to $313 million driven by "Rock Band." Viacom CEO Philippe Dauman said 7 million units of the game have shipped. (partialdiff)