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Tag: M. Redstone

  • 26.1 per cent downturn in filmed entertainment dampens Viacom Inc Q3 results 7.4 per cent

    26.1 per cent downturn in filmed entertainment dampens Viacom Inc Q3 results 7.4 per cent

    BENGALURU:  Viacom Inc. (Viacom) reported 7.4 per cent lower revenue in the quarter ended 30 June 2014 (Q3 for Viacom, or the ‘current quarter’) to USD 3421 million from USD 3693 million in the year ago quarter ended 30 June 2013. The company’s operating income dropped 5.6 per cent to USD 611 million in Q3 of 2014 as compared to the USD 647 million in Q3 of the previous year. Adjusted net earnings from continuing operations attributable to Viacom decreased to USD 618 million.

     

    Viacom’s filmed entertainment division reported 26.1 per cent drop in revenue to USD 856 million in the current quarter as compared to the USD 1158 million reported for corresponding quarter of the previous fiscal, driven by a 43 per cent decrease in theatrical revenues due to the number and timing of releases, says the company.

     

    The impact of this downturn was softened to some extent by Viacom’s media networks segment, which reported a 0.9 per cent increase in revenue in Q3 or the current year to USD 2591 million from USD 2569 million in the corresponding year ago quarter, driven by higher advertising revenues, which rose 1 per cent domestically and 2 per cent on a worldwide basis reveals Viacom. The company’s press release says that its worldwide affiliate fee revenues were flat in the quarter, as rate increases were more than offset by lower revenues from certain distribution arrangements which are affected by the timing of available programming. Excluding the impact of these distribution arrangements, the domestic affiliate revenue growth rate in the quarter was in the low double-digits.

     

    Viacom executive chairman Sumner M. Redstone said, “Viacom continues its mission to develop the world’s most exciting media brands and compelling entertainment. As the industry landscape continues to evolve, our business is very well positioned.”

     

    Viacom president and chief executive officer Philippe Dauman said, “It was a solid quarter for Viacom. We delivered nearly USD 1 billion to shareholders through buybacks and dividends and continued to build on our success in creating outstanding content and focused brands that connect deeply with audiences across all platforms. Our Media Networks distribution relationships continue to expand, providing broader opportunities for fans to enjoy Viacom’s content. Successful series and high-profile event programming on our networks create powerful experiences for audiences and valuable opportunities for advertisers, while driving industry-leading social engagement. We announced our agreement to acquire major British broadcaster Channel 5 in the quarter, which will increase our presence in an important global market. Paramount is poised for an outstanding summer, kicked off by Transformers: Age of Extinction which is already a record-setting global hit and the number one film of all time in China. In addition, the highly-anticipated Teenage Mutant Ninja Turtles premieres Friday for fans around the world.”

     

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  • Viacom’s Q3 revenues up 7% to $2.66 billion

    Viacom’s Q3 revenues up 7% to $2.66 billion

    MUMBAI: US media conglomerate Viacom Viacom has reported financial results for the third quarter ended 30 September, 2006.

    The company reported revenues and operating income of $2.66 billion and $655.5 million, respectively, for the quarter, compared with revenues and pro forma operating income of $2.48 billion and $744.5 million, respectively, in the third quarter of 2005.

    The seven per cent growth in revenues was driven by a 10 per cent revenue increase in the cable networks segment. Operating income however declined 12 per cent versus 2005 pro forma operating income, as a 14 per cent gain in the cable networks segment operating income was more than offset by a decline in the Entertainment segment.

    Viacom executive chairman Sumner M. Redstone said, “Considering the short time that Philippe Dauman has been in place as CEO, I am truly impressed with our solid third quarter results, particularly the performance of our well-known cable brands. I am confident that you will see further operational success in the not too distant future. Viacom will continue to expand on its creative heritage and move rapidly to the forefront of emerging digital markets, keeping us on the path to outstanding long term financial performance and free cash flow generation.”

    Viacom president and CEO Philippe Dauman said, “We achieved significant financial and operational progress in the third quarter and we remain on track to deliver on our goals for the full year. I see even greater opportunities to build for future growth as we harness Viacom’s powerful brands, popular content and unique connections with the audiences that are driving the digital revolution. Viacom is rich in the short-form content that is highly attractive to online consumers, underscored by our position as a leading entertainment content property on the Internet today with an aggregate 37 million monthly unique visitors in September.

    “We intend to continue to invest in our future and enhance profitability for the long term, as well as for the short term. We are making rapid progress and are intensifying our focus on continuing to grow our industry- leading flagship brands both here and in promising markets abroad, on accelerating the growth of our less-developed cable channels and underutilized content libraries, and on driving existing and newly created programming to audiences across every platform.

    “In addition to internal development, we will continue to apply a rigorous and selective approach to acquisitions that emphasizes coordination and execution and will add businesses in core areas that offer compelling experiences for our consumers.”

    Revenues increased by $182.3 million, or seven per cent to $2.66 billion. Cable networks segment revenues increased 10 per cent to $1.84 billion. Worldwide ad revenues at the Cable Networks segment increased by seven per cent to $1,090.1 million and affiliate fees climbed 12 per cent to $510.4 million. Cable networks segment acquisitions contributed $23.7 million of revenue growth, principally internationally, or 1.4 points of the segment’s total growth.

    The entertainment segment revenues were up one per cent or $11.9 million. DreamWorks and the distribution activities for DreamWorks Animation and DreamWorks live-action library films acquired on 31 January, 2006 contributed $279.2 million which was almost entirely offset by the box office success of War of the Worlds in the third quarter of last year. Films released in the current quarter included World Trade Center, The Last Kiss.

    The company reaffirms its full year 2006 guidance to deliver double digit revenue and operating income growth compared to 2005 revenues of $9.61 billion and 2005 pro forma operating income excluding unusual charges of $2.60 billion.

  • Viacom revises employment agreement with Redstone

    Viacom revises employment agreement with Redstone

    MUMBAI: US media conglomerate Viacom’s board of directors has announced that it has entered into a revised employment agreement with its Executive Chairman Sumner M Redstone.

    The agreement reduces cash salary and bonuses effective 1 January, 2007 and immediately directly links the majority of Redstone’s compensation to superior shareholder returns.

    Redstone and the Compensation Committee of the Viacom Board are extending the equity driven approach to compensation and incentives adopted by Viacom in its recently announced agreements with Viacom president and CEO Philippe P Dauman and Viacom’s senior executive VP and chief administrative officer Thomas E Dooley.

    Redstone said, “As both a major shareholder and as the executive chairman of the company, I have long been in favour of the pay-for-performance model, which I believe is good for shareholders and good for the company. I want to commend the Compensation Committee for not only listening to our stockholders, but for their leadership, creativity and discipline in creating this new shareholder-friendly compensation structure.”

    Under the terms of the new agreement, beginning in 2007, Redstone’s salary will be reduced to $1 million per year (from current $1.75 million), and deferred compensation, presently $1.3 million per year, will be eliminated. His target cash bonus under Viacom’s short-term incentive plan will be reduced from $6.1 million to $3.5 million per year.

    Redstone will receive an annual award of stock options having a grant-date value of $3 million. He will also receive an annual award of performance share units (PSU’s) with a grant-date target value of $3 million.