ITV

Category: Financials

  • Q1-17: Siti revenue, EBIDTA up

    Q1-17: Siti revenue, EBIDTA up

    BENGALURU: The Dr Subhash Chandra led newly renamed Siti Networks Limited (Siti) formerly known as Siti Cable Network Limited, reported 22.7 percent and 28.7 year-over-year growth in operating revenue and EBIDTA for the quarter ended 30 June 2106 (Q1-17, current quarter). Siti’s revenue in the current quarter was Rs 281.97 crore as compared to Rs 229.72 crore in the corresponding year ago quarter. EBIDTA (including other income) in Q1-17 was Rs 47.41 crore (16.8 percent margin) versus Rs 36.84 crore (16 percent margin). Loss however was higher in Q1-17 at Rs 52.61 crore as opposed to a loss of Rs 36.68 crore in Q1-16.

    The company says that its digital subscriber base has grown to 84 lakh during the current quarter from 79 lakh in the immediate trailing quarter. For Q1-16, the company had reported a digital subscriber base of 55.80 lakh. It says that it has expanded its footprint to 387 cities across the country in Q1-17 as compared to 312 cities at the end of the immediate trailing quarter. Broadband subscriber base has increased quarter-over-quarter in Q1-17 to 1.67 lakh from 1.32 lakh in Q4-16. HD Services: Siti says that it has strengthened its SITI HD+ services by expanding its bouquet to 57 HD channels. SITI HD+ customer base increased 65,140, up 29.8 percent over Q4-16 (50,170).

    Let us look at the other numbers reported by the company for Q1-17

    Subscription revenue in the current quarter increased 8 percent in Q1-17 y-o-y to Rs 139.3 crore from Rs 129 crore. Carriage revenue declined slightly to Rs 72 crore from Rs 79 crore, while activation charges almost tripled (2.93 times) to Rs 36.6 crore from Rs 12.5 crore. Broadband revenue more than doubled in the current quarter to Rs 19.5 crore from Rs 9 crore in Q1-16.

    Other Income more than doubled to Rs 4.92 crore in Q1-17 from Rs 2.44 crore in Q1-16.  Finance costs in the current quarter reduced to Rs 29.67 crore from Rs 34.39 crore in the corresponding year ago quarter. Total Expenditure increased to Rs 294.20 crore from Rs 231.16 crore in the corresponding year ago quarter. Employee Benefit Expense increased to Rs 19.12 crore in the current quarter from Rs 13.33 crore in Q1-16.  Carriage sharing, pay channel and related costs in Q1-17 increased to Rs 148.44 crore from Rs 135.70 crore in Q1-16.

    Company speak

    Siti executive director & CEO, V D Wadhwa said, “We expanded our reach further by branching out to 387 cities in line with our strategy of select market expansion. We have established our broadband presence in Haryana and expect to significantly expand our subscriber base this year.

    Recurring cash flows were sluggish due to delays in Phase 3 monetization on account of legal bottlenecks. However, we expect a time bound resolution by the second half of the year and limited long term impact of this issue. We are well prepared for improved monetization of our subscriber base.”

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

  • Q1-17: Siti revenue, EBIDTA up

    Q1-17: Siti revenue, EBIDTA up

    BENGALURU: The Dr Subhash Chandra led newly renamed Siti Networks Limited (Siti) formerly known as Siti Cable Network Limited, reported 22.7 percent and 28.7 year-over-year growth in operating revenue and EBIDTA for the quarter ended 30 June 2106 (Q1-17, current quarter). Siti’s revenue in the current quarter was Rs 281.97 crore as compared to Rs 229.72 crore in the corresponding year ago quarter. EBIDTA (including other income) in Q1-17 was Rs 47.41 crore (16.8 percent margin) versus Rs 36.84 crore (16 percent margin). Loss however was higher in Q1-17 at Rs 52.61 crore as opposed to a loss of Rs 36.68 crore in Q1-16.

    The company says that its digital subscriber base has grown to 84 lakh during the current quarter from 79 lakh in the immediate trailing quarter. For Q1-16, the company had reported a digital subscriber base of 55.80 lakh. It says that it has expanded its footprint to 387 cities across the country in Q1-17 as compared to 312 cities at the end of the immediate trailing quarter. Broadband subscriber base has increased quarter-over-quarter in Q1-17 to 1.67 lakh from 1.32 lakh in Q4-16. HD Services: Siti says that it has strengthened its SITI HD+ services by expanding its bouquet to 57 HD channels. SITI HD+ customer base increased 65,140, up 29.8 percent over Q4-16 (50,170).

    Let us look at the other numbers reported by the company for Q1-17

    Subscription revenue in the current quarter increased 8 percent in Q1-17 y-o-y to Rs 139.3 crore from Rs 129 crore. Carriage revenue declined slightly to Rs 72 crore from Rs 79 crore, while activation charges almost tripled (2.93 times) to Rs 36.6 crore from Rs 12.5 crore. Broadband revenue more than doubled in the current quarter to Rs 19.5 crore from Rs 9 crore in Q1-16.

    Other Income more than doubled to Rs 4.92 crore in Q1-17 from Rs 2.44 crore in Q1-16.  Finance costs in the current quarter reduced to Rs 29.67 crore from Rs 34.39 crore in the corresponding year ago quarter. Total Expenditure increased to Rs 294.20 crore from Rs 231.16 crore in the corresponding year ago quarter. Employee Benefit Expense increased to Rs 19.12 crore in the current quarter from Rs 13.33 crore in Q1-16.  Carriage sharing, pay channel and related costs in Q1-17 increased to Rs 148.44 crore from Rs 135.70 crore in Q1-16.

    Company speak

    Siti executive director & CEO, V D Wadhwa said, “We expanded our reach further by branching out to 387 cities in line with our strategy of select market expansion. We have established our broadband presence in Haryana and expect to significantly expand our subscriber base this year.

    Recurring cash flows were sluggish due to delays in Phase 3 monetization on account of legal bottlenecks. However, we expect a time bound resolution by the second half of the year and limited long term impact of this issue. We are well prepared for improved monetization of our subscriber base.”

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

  • Topline improves for Hathway in Q1-2017, but bottomline impacted

    Topline improves for Hathway in Q1-2017, but bottomline impacted

    MUMBAI: The slow progress of DAS is continuing to prove painful for multisystem operator Hathway Cable & Datacom. Especially if one goes by the results it has reported for Q1 FY 2017 ended 30 June 2016.

    Ballooning pay channel costs of Rs 102.05 crore, service charges of Rs 34.59 crore, depreciation and amortization expenses of Rs 70.37 crore and higher employee benefit expenses of Rs 22.72 crore have resulted in it reporting an operating loss of Rs 25.88 crore. The comparative figures for the previous corresponding quarter were Rs 78.56 crore, Rs 25.94 crore, Rs 59.19 crore Rs17.60 crore had dragged its bottomline down to the tune of Rs 18.11 crore.

    Its topline, has however, shown some healthy improvement at Rs 301 crore in Q1 2017 as against Rs 257.44 crore in Q1 2016.

    Its finance costs seem to have risen too at Rs 29.75 crore as against Rs 21.36 crore in the previous corresponding quarter of FY 2016. The outcome: its net loss has shot up to Rs 52.86 crore as against Rs 36.99 crore.

    The company says that the hold up of the DAS Phase III rollout has impacted its monetization of the infrastructure investments it had made in some of the cities which came under those areas in preparation of the deadline of 31 December 2015.

    Hathway has also stated that it is facing resistance from cable operators who are refusing to sign inter-connect agreements despite orders from the Telecom Regulatory Authority to do so in notified cities.

    The company has got board approval to transfer its broadband business to a wholly owned subsidiary Hathway Broadband Pvt Ltd (HBPL) as of 1 April 2015. But this will be dependent on approval from the shareholders, and permission from the Bombay High Court and department of telecommunications (DoT). It says it has got approvals from the relevant stock exchanges, and it has approached the Bombay High Court.

    Until it gets the approval, Hathway Cable will continue to operate the broadband business on behalf of HBPL and will receive a payment of Rs 98.05 crore in cash but the amount will not be reflected in its financial statements, the company stated.

  • Topline improves for Hathway in Q1-2017, but bottomline impacted

    Topline improves for Hathway in Q1-2017, but bottomline impacted

    MUMBAI: The slow progress of DAS is continuing to prove painful for multisystem operator Hathway Cable & Datacom. Especially if one goes by the results it has reported for Q1 FY 2017 ended 30 June 2016.

    Ballooning pay channel costs of Rs 102.05 crore, service charges of Rs 34.59 crore, depreciation and amortization expenses of Rs 70.37 crore and higher employee benefit expenses of Rs 22.72 crore have resulted in it reporting an operating loss of Rs 25.88 crore. The comparative figures for the previous corresponding quarter were Rs 78.56 crore, Rs 25.94 crore, Rs 59.19 crore Rs17.60 crore had dragged its bottomline down to the tune of Rs 18.11 crore.

    Its topline, has however, shown some healthy improvement at Rs 301 crore in Q1 2017 as against Rs 257.44 crore in Q1 2016.

    Its finance costs seem to have risen too at Rs 29.75 crore as against Rs 21.36 crore in the previous corresponding quarter of FY 2016. The outcome: its net loss has shot up to Rs 52.86 crore as against Rs 36.99 crore.

    The company says that the hold up of the DAS Phase III rollout has impacted its monetization of the infrastructure investments it had made in some of the cities which came under those areas in preparation of the deadline of 31 December 2015.

    Hathway has also stated that it is facing resistance from cable operators who are refusing to sign inter-connect agreements despite orders from the Telecom Regulatory Authority to do so in notified cities.

    The company has got board approval to transfer its broadband business to a wholly owned subsidiary Hathway Broadband Pvt Ltd (HBPL) as of 1 April 2015. But this will be dependent on approval from the shareholders, and permission from the Bombay High Court and department of telecommunications (DoT). It says it has got approvals from the relevant stock exchanges, and it has approached the Bombay High Court.

    Until it gets the approval, Hathway Cable will continue to operate the broadband business on behalf of HBPL and will receive a payment of Rs 98.05 crore in cash but the amount will not be reflected in its financial statements, the company stated.

  • Q1-17: Sun TV revenue up 10.4 percent, PAT up 19 percent

    Q1-17: Sun TV revenue up 10.4 percent, PAT up 19 percent

    MUMBAI: Sun TV Network Limited (Sun TV) reported 10.4 per cent growth in Total Income from Operations (TIO) and 19 percent growth in profit after tax (PAT) for the quarter ended 30 June 2016 (Q1-17, current quarter) as compared to the corresponding year ago quarter. 

    TIO in Q1-17 was Rs 760.83 crore as compared to Rs 689.45 crore in Q1-16. The company’s PAT in the current quarter was Rs 233.06 crore (30.6 percent PAT margin) in Q1-17 and was Rs 195.82 crore (28.4 percent PAT margin) in the corresponding quarter of the previous year.

    The company claims that its year-over-year (y-o-y) subscription revenue has gone up by approximately 22 percent in the current quarter to Rs 232.13 crore and its DTH subscription revenue has grown by 16 percent y-o-y.

    Sun TV EBIDTA in the current quarter was Rs 436.43 crore (57.4 percent EBIDTA margin) 7.2 percent higher as compared to Rs 406.93 crore (59 percent EBIDTA margin) in Q1-16.

    Total Expenditure (TE) in the current quarter increased 3 percent to Rs 425.17 crore (55.9 percent of TIO) as compared to Rs 412.69 crore (59 percent of TIO) in the corresponding quarter of the previous year.

    Employee Benefits Expense (EBE) in Q1-17 increased 10.6 percent to Rs 60.30 crore (7.9 percent of TIO) as compared to Rs 56.92 crore (10 percent of TIO) in Q1-16.

    Other expenses (OE) in the Q1-17 was 39.8 percent higher at Rs 128.96 crore (16/9 percent of TIO) as compared to Rs 92.22 crore (13.4 percent of TIO) in the corresponding quarter of the previous year.

    IPL Franchisee Sun Risers Hyderabad

    Sun TV has paid franchisee fees for its IPL team SunRisers Hyderabad (SRH) of Rs 85.48 crore in Q1-17 as compared to Rs 85.05 crore in the first quarter of FY-16.

    The company says that it’s IPL franchisee’s income in Q1-17of Rs 144.04 crore as compared to Rs 96.55 crore in Q1-16.  Sun Risers Hyderabad has incurred costs of Rs 175.84 crore in the current quarter as compared to Rs 153.16 crore in Q1-16.

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

  • Q1-17: Sun TV revenue up 10.4 percent, PAT up 19 percent

    Q1-17: Sun TV revenue up 10.4 percent, PAT up 19 percent

    MUMBAI: Sun TV Network Limited (Sun TV) reported 10.4 per cent growth in Total Income from Operations (TIO) and 19 percent growth in profit after tax (PAT) for the quarter ended 30 June 2016 (Q1-17, current quarter) as compared to the corresponding year ago quarter. 

    TIO in Q1-17 was Rs 760.83 crore as compared to Rs 689.45 crore in Q1-16. The company’s PAT in the current quarter was Rs 233.06 crore (30.6 percent PAT margin) in Q1-17 and was Rs 195.82 crore (28.4 percent PAT margin) in the corresponding quarter of the previous year.

    The company claims that its year-over-year (y-o-y) subscription revenue has gone up by approximately 22 percent in the current quarter to Rs 232.13 crore and its DTH subscription revenue has grown by 16 percent y-o-y.

    Sun TV EBIDTA in the current quarter was Rs 436.43 crore (57.4 percent EBIDTA margin) 7.2 percent higher as compared to Rs 406.93 crore (59 percent EBIDTA margin) in Q1-16.

    Total Expenditure (TE) in the current quarter increased 3 percent to Rs 425.17 crore (55.9 percent of TIO) as compared to Rs 412.69 crore (59 percent of TIO) in the corresponding quarter of the previous year.

    Employee Benefits Expense (EBE) in Q1-17 increased 10.6 percent to Rs 60.30 crore (7.9 percent of TIO) as compared to Rs 56.92 crore (10 percent of TIO) in Q1-16.

    Other expenses (OE) in the Q1-17 was 39.8 percent higher at Rs 128.96 crore (16/9 percent of TIO) as compared to Rs 92.22 crore (13.4 percent of TIO) in the corresponding quarter of the previous year.

    IPL Franchisee Sun Risers Hyderabad

    Sun TV has paid franchisee fees for its IPL team SunRisers Hyderabad (SRH) of Rs 85.48 crore in Q1-17 as compared to Rs 85.05 crore in the first quarter of FY-16.

    The company says that it’s IPL franchisee’s income in Q1-17of Rs 144.04 crore as compared to Rs 96.55 crore in Q1-16.  Sun Risers Hyderabad has incurred costs of Rs 175.84 crore in the current quarter as compared to Rs 153.16 crore in Q1-16.

    Note: The unit of currency in this report is the Indian rupee – Rs (also conventionally represented by INR). The Indian numbering system or the Vedic numbering system has been used to denote money values. The basic conversion to the international norm would be:

    (a) 100,00,000 = 100 lakh = 10,000,000 = 10 million = 1 crore.

    (b) 10,000 lakh = 100 crore = 1 arab = 1 billion.

  • Disney acquires 33% stake in video streaming company BAMTech for $1 billion

    Disney acquires 33% stake in video streaming company BAMTech for $1 billion

    BENGALURU: The Walt Disney Company (Disney) announced that it has acquired a thirty three percent stake in Direct-To-Consumer video streaming company BAMTech for $1 billion to be paid in two tranches. One instalment will be paid immediately and one will be paid in January 2017, with Disney having the option of acquiring a majority stake in the company. BAMTech was previously formed by Major League Baseball (MLB). As part of the transaction, BAMTech was separated from MLB’s broader digital business, MLB Advanced Media (MLBAM).

    “Our investment in BAMTech gives us the technology infrastructure we need to quickly scale and monetize our streaming capabilities at ESPN and across our company,” said Disney chairman and CEO Robert A. Iger.

    Commissioner of Baseball Robert D Manfred, Jr. said, “Every day the powerful partnership of technology and content becomes more important to consumers. We are excited to get to work with Disney and our longtime partners at ESPN in the important and ever-changing area of content distribution.”

    “Bringing a multi-sport service directly to fans is an exciting opportunity that capitalizes on BAMTech’s premier digital distribution platform and continues ESPN’s heritage of embracing technology to create new ways to connect fans with sports,” said ESPN Disney Media Networks president and co-chair John Skipper. “As WatchESPN continues to grow and add value to the multichannel video subscription, this new service will be an outstanding complement.”

    Disney’s investment in BAMTech will provide the latter capital to accelerate growth of its proprietary video-delivery platform, deliver greater flexibility to clients and develop new technologies and capabilities says a Disney release. BAMTech will become a key partner for Disney in the delivery and support of streaming video and other digital products from Disney|ABC Television Group and ESPN, as well as its future digital initiatives.

    BAMTech will also collaborate with ESPN to launch and distribute a new ESPN-branded multi-sport subscription streaming service in the future. The direct-to-consumer service will feature content provided by both BAMTech and ESPN, and include live regional, national and international sporting events. Current content on ESPN’s linear networks will not appear on the new subscription streaming service.

    BAMTech is a player in direct-to-consumer streaming services, data analytics and commerce management with nearly 7.5 million total paid subscribers to its clients’ OTT products BAMTech’s roster of sports, news and entertainment clients includes HBO NOW, the National Hockey League, Major League Baseball, the PGA TOUR, WWE Network and Ice Network (a digital platform for professional figure skating).

    Following Disney’s acquisition of a stake in BAMTech, the National Hockey League received a minority interest in BAMTech, as the result of a previous agreement, says the Disney release.

  • Disney acquires 33% stake in video streaming company BAMTech for $1 billion

    Disney acquires 33% stake in video streaming company BAMTech for $1 billion

    BENGALURU: The Walt Disney Company (Disney) announced that it has acquired a thirty three percent stake in Direct-To-Consumer video streaming company BAMTech for $1 billion to be paid in two tranches. One instalment will be paid immediately and one will be paid in January 2017, with Disney having the option of acquiring a majority stake in the company. BAMTech was previously formed by Major League Baseball (MLB). As part of the transaction, BAMTech was separated from MLB’s broader digital business, MLB Advanced Media (MLBAM).

    “Our investment in BAMTech gives us the technology infrastructure we need to quickly scale and monetize our streaming capabilities at ESPN and across our company,” said Disney chairman and CEO Robert A. Iger.

    Commissioner of Baseball Robert D Manfred, Jr. said, “Every day the powerful partnership of technology and content becomes more important to consumers. We are excited to get to work with Disney and our longtime partners at ESPN in the important and ever-changing area of content distribution.”

    “Bringing a multi-sport service directly to fans is an exciting opportunity that capitalizes on BAMTech’s premier digital distribution platform and continues ESPN’s heritage of embracing technology to create new ways to connect fans with sports,” said ESPN Disney Media Networks president and co-chair John Skipper. “As WatchESPN continues to grow and add value to the multichannel video subscription, this new service will be an outstanding complement.”

    Disney’s investment in BAMTech will provide the latter capital to accelerate growth of its proprietary video-delivery platform, deliver greater flexibility to clients and develop new technologies and capabilities says a Disney release. BAMTech will become a key partner for Disney in the delivery and support of streaming video and other digital products from Disney|ABC Television Group and ESPN, as well as its future digital initiatives.

    BAMTech will also collaborate with ESPN to launch and distribute a new ESPN-branded multi-sport subscription streaming service in the future. The direct-to-consumer service will feature content provided by both BAMTech and ESPN, and include live regional, national and international sporting events. Current content on ESPN’s linear networks will not appear on the new subscription streaming service.

    BAMTech is a player in direct-to-consumer streaming services, data analytics and commerce management with nearly 7.5 million total paid subscribers to its clients’ OTT products BAMTech’s roster of sports, news and entertainment clients includes HBO NOW, the National Hockey League, Major League Baseball, the PGA TOUR, WWE Network and Ice Network (a digital platform for professional figure skating).

    Following Disney’s acquisition of a stake in BAMTech, the National Hockey League received a minority interest in BAMTech, as the result of a previous agreement, says the Disney release.

  • Q3-16: Domestic declines, Teenage Mutant Ninja Turtles retard Viacom numbers

    Q3-16: Domestic declines, Teenage Mutant Ninja Turtles retard Viacom numbers

    BENGALURU: Viacom Inc., reported 1.6 percent growth in revenue for the quarter ended 30 June 2016 (Q3-16, current quarter). The company reported revenue of $3,107 million in the current quarter as compared to $3,058 million in the corresponding year ago quarter. The company says that Filmed Entertainment gains more than offset a decrease in Media Networks revenues.

    Media Networks revenues were $2,513 million in Q3-16, a decline of 3.2 percent as compared $2,597 million in the corresponding year ago quarter. Domestic advertising revenues decreased 4 percent, as pricing increases were more than offset by softer ratings at some of Viacom’s networks compared to the previous year, and a continuing strategic reduction of unit loads. International advertising revenues increased 13 percent, driven principally by growth in Europe.

    Absent an adverse 6 percent impact of foreign exchange, international advertising revenues increased 19 percent. Domestic affiliate revenues decreased 10 percent, principally reflecting a difficult comparison with the timing of revenues from certain distribution agreements in the prior year. International affiliate revenues increased 9 percent, and absent an adverse 3 percent impact of foreign exchange, international affiliate revenues increased 12 percent.

    Filmed Entertainment revenues grew 30 percent to $621 million, driven by gains in license fees and theatrical revenues. Worldwide theatrical revenues increased to $91 million in the quarter, reflecting the June release of Teenage Mutant Ninja Turtles: Out of the Shadows. License fees grew 39 percent to $297 million in the quarter, driven by the licensing of certain titles for subscription video-on-demand services and revenues from Paramount Television productions.

    Quarterly operating income declined 29 percent to $769 million. Media Networks adjusted operating income decreased 22 percent $872 million, reflecting revenue declines as well as an increase in programming and marketing expenses. Filmed Entertainment reported an adjusted operating loss of $26 million, reflecting the timing of expenses and theatrical performance in the quarter. Quarterly net earnings attributable to Viacom decreased to $432 million and adjusted net earnings declined to $419 million. Diluted earnings per share for the quarter were $1.09 and adjusted diluted earnings per share were $1.05.

    Company speak

    Viacom executive chairman, president and CEO Philippe Dauman said, “In the quarter, Viacom continued to execute on our strategic plan by increasing investment in high-quality original content, enhancing our connection to audiences, accelerating the growth of data-driven advertising products and further expanding our unmatched global reach. Ratings increased at several of Viacom’s major networks, including Nickelodeon, Nick at Nite, VH1 and TV Land, and ratings trends at nearly all of our networks showed sequential improvement as we successfully completed a very strong upfront across our brands. Internationally, our media networks are driving strong double-digit revenue growth, with new channel launches, growing distribution partnerships and substantial ad sales gains. Viacom’s third quarter results were impacted by the underperformance of Teenage Mutant Ninja Turtles: Out of the Shadows.”

  • Q3-16: Domestic declines, Teenage Mutant Ninja Turtles retard Viacom numbers

    Q3-16: Domestic declines, Teenage Mutant Ninja Turtles retard Viacom numbers

    BENGALURU: Viacom Inc., reported 1.6 percent growth in revenue for the quarter ended 30 June 2016 (Q3-16, current quarter). The company reported revenue of $3,107 million in the current quarter as compared to $3,058 million in the corresponding year ago quarter. The company says that Filmed Entertainment gains more than offset a decrease in Media Networks revenues.

    Media Networks revenues were $2,513 million in Q3-16, a decline of 3.2 percent as compared $2,597 million in the corresponding year ago quarter. Domestic advertising revenues decreased 4 percent, as pricing increases were more than offset by softer ratings at some of Viacom’s networks compared to the previous year, and a continuing strategic reduction of unit loads. International advertising revenues increased 13 percent, driven principally by growth in Europe.

    Absent an adverse 6 percent impact of foreign exchange, international advertising revenues increased 19 percent. Domestic affiliate revenues decreased 10 percent, principally reflecting a difficult comparison with the timing of revenues from certain distribution agreements in the prior year. International affiliate revenues increased 9 percent, and absent an adverse 3 percent impact of foreign exchange, international affiliate revenues increased 12 percent.

    Filmed Entertainment revenues grew 30 percent to $621 million, driven by gains in license fees and theatrical revenues. Worldwide theatrical revenues increased to $91 million in the quarter, reflecting the June release of Teenage Mutant Ninja Turtles: Out of the Shadows. License fees grew 39 percent to $297 million in the quarter, driven by the licensing of certain titles for subscription video-on-demand services and revenues from Paramount Television productions.

    Quarterly operating income declined 29 percent to $769 million. Media Networks adjusted operating income decreased 22 percent $872 million, reflecting revenue declines as well as an increase in programming and marketing expenses. Filmed Entertainment reported an adjusted operating loss of $26 million, reflecting the timing of expenses and theatrical performance in the quarter. Quarterly net earnings attributable to Viacom decreased to $432 million and adjusted net earnings declined to $419 million. Diluted earnings per share for the quarter were $1.09 and adjusted diluted earnings per share were $1.05.

    Company speak

    Viacom executive chairman, president and CEO Philippe Dauman said, “In the quarter, Viacom continued to execute on our strategic plan by increasing investment in high-quality original content, enhancing our connection to audiences, accelerating the growth of data-driven advertising products and further expanding our unmatched global reach. Ratings increased at several of Viacom’s major networks, including Nickelodeon, Nick at Nite, VH1 and TV Land, and ratings trends at nearly all of our networks showed sequential improvement as we successfully completed a very strong upfront across our brands. Internationally, our media networks are driving strong double-digit revenue growth, with new channel launches, growing distribution partnerships and substantial ad sales gains. Viacom’s third quarter results were impacted by the underperformance of Teenage Mutant Ninja Turtles: Out of the Shadows.”