ITV

Tag: Philippe Dauman

  • Viacom appoints Bob Bakish as acting CEO

    Viacom appoints Bob Bakish as acting CEO

    MUMBAI: So Bob got the job after all. As expected, the board of directors at Viacom yesterday appointed Robert “Bob” Bakish as the acting president & CEO, effective 15 November – the date when the temporary replacement to Philippe Dauman, leaves the company. Bakish also got the additional charge of the Viacom Global Entertainment Group as its president & CEO.

    This new business unit combines Viacom’s International Media Networks division with the company’s Music and Entertainment Group, which houses some of the company’s most iconic brands including MTV, Comedy Central, VH1, Spike and Logo. In addition, TV Land and CMT will join the Global Entertainment Group portfolio under him.

    What this means is that the Indian company Viacom18 Media (its joint venture with Network18 group – now owned by Reliance Industries) will have a direct line to Bakish as it has been doing over the past nine years, ever since he took over the international media networks division. Viacom18 Media is headed by the group CEO Sudhanshu Vats.

    A statement put out by Viacom states that Viacom’s Kids and Family Group will be re-established as the “Nickelodeon Group” to fully focus on building upon the success of the number one media network for kids, and exploit the broad array of growth opportunities in all facets of the kids segment, including recreation and hospitality. BET Networks, home of leading brands among African American adults, will continue to function as a dedicated and separate group.

    Said Viacom board chairman Tom May in the release: “Bob’s record of innovation and achievement at Viacom, combined with his strategic vision and leadership ability, make him highly qualified for this position. We are determined to move forward aggressively to strengthen Viacom for the future, whether as a stand-alone company or in a potential combination with CBS. There is a great deal of opportunity ahead and Bob is a superb leader to drive this effort, fully empowered to take the actions necessary to position Viacom for success.”

    Said Viacom vice chairman Shari Redstone: “To be a successful leader in the industry today requires continuous flexibility, a global perspective, a commitment to innovation and an embrace of change. Bob is an exemplary forward thinker who embodies these traits, embraces disruption and brings teams along with him. Under his leadership our great employees will be supported in their efforts to bring world class content and experiences to our audiences, while we continue to drive improvements in Viacom’s financial performance.”

    “I look forward to working closely with the Board of Directors, senior management and our talented and hardworking people around the world to realize the full potential of Viacom’s outstanding assets for the benefit of our audiences, partners and stockholders,” added Bakish. “Content is the lifeblood of our business and my near-term focus will be to nurture our creative output and brands, ensuring they remain distinctive, differentiated and powerful in an increasingly competitive global media landscape.”

    Bakish has been the president and CEO of Viacom International Media Networks, and its predecessor company MTV Networks International, since 2007, with oversight of all of Viacom’s media networks and related businesses outside the US. In this role, he has driven the development of its international portfolio of core TV brands, with MTV and Nickelodeon being joined by Comedy Central, Paramount Channel, BET, Spike and Nick Jr. on pay and free TV platforms worldwide. In addition, Bakish has overseen the creation and growth of the company’s Viacom18 Indian joint venture, which includes the Colors general entertainment networks, as well as the acquisition of Channel 5 in the U.K.

    Under Bakish, the company has consistently grown profitability while expanding its TV, online and geographic footprint. Viacom’s 200 plus TV channels now reach approximately 3.9 billion cumulative television subscribers across more than 180 countries and broadcast in more than 40 languages. Bakish has also overseen the transition from TV to multiplatform distribution, with VIMN significantly growing online engagement with its video content, having launched a range of cutting edge digital properties including the Viacom Play Plex suite of mobile streaming apps that give on-demand access to the best TV content from its brands, all while building its branded presence on 3rd party video-on-demand and social media platforms, with an estimated 850 million fans and followers worldwide.

    Bakish’s growth strategy for VIMN has also involved substantially increasing the amount of original programming produced by Viacom internationally, driven in part by the recently opened Viacom International Studios in Miami, and Channel 5 Productions in the UK. In addition, he has expanded the off-screen presence of VIMN’s brands through live events, stores, theme parks and hotels.Bakish has delivered significant growth in some of the world’s most valuable media markets including established markets like the U.K., Italy and Spain, as well as higher growth markets such as India, Mexico, Brazil, China, Russia and Africa.

  • Viacom appoints Bob Bakish as acting CEO

    Viacom appoints Bob Bakish as acting CEO

    MUMBAI: So Bob got the job after all. As expected, the board of directors at Viacom yesterday appointed Robert “Bob” Bakish as the acting president & CEO, effective 15 November – the date when the temporary replacement to Philippe Dauman, leaves the company. Bakish also got the additional charge of the Viacom Global Entertainment Group as its president & CEO.

    This new business unit combines Viacom’s International Media Networks division with the company’s Music and Entertainment Group, which houses some of the company’s most iconic brands including MTV, Comedy Central, VH1, Spike and Logo. In addition, TV Land and CMT will join the Global Entertainment Group portfolio under him.

    What this means is that the Indian company Viacom18 Media (its joint venture with Network18 group – now owned by Reliance Industries) will have a direct line to Bakish as it has been doing over the past nine years, ever since he took over the international media networks division. Viacom18 Media is headed by the group CEO Sudhanshu Vats.

    A statement put out by Viacom states that Viacom’s Kids and Family Group will be re-established as the “Nickelodeon Group” to fully focus on building upon the success of the number one media network for kids, and exploit the broad array of growth opportunities in all facets of the kids segment, including recreation and hospitality. BET Networks, home of leading brands among African American adults, will continue to function as a dedicated and separate group.

    Said Viacom board chairman Tom May in the release: “Bob’s record of innovation and achievement at Viacom, combined with his strategic vision and leadership ability, make him highly qualified for this position. We are determined to move forward aggressively to strengthen Viacom for the future, whether as a stand-alone company or in a potential combination with CBS. There is a great deal of opportunity ahead and Bob is a superb leader to drive this effort, fully empowered to take the actions necessary to position Viacom for success.”

    Said Viacom vice chairman Shari Redstone: “To be a successful leader in the industry today requires continuous flexibility, a global perspective, a commitment to innovation and an embrace of change. Bob is an exemplary forward thinker who embodies these traits, embraces disruption and brings teams along with him. Under his leadership our great employees will be supported in their efforts to bring world class content and experiences to our audiences, while we continue to drive improvements in Viacom’s financial performance.”

    “I look forward to working closely with the Board of Directors, senior management and our talented and hardworking people around the world to realize the full potential of Viacom’s outstanding assets for the benefit of our audiences, partners and stockholders,” added Bakish. “Content is the lifeblood of our business and my near-term focus will be to nurture our creative output and brands, ensuring they remain distinctive, differentiated and powerful in an increasingly competitive global media landscape.”

    Bakish has been the president and CEO of Viacom International Media Networks, and its predecessor company MTV Networks International, since 2007, with oversight of all of Viacom’s media networks and related businesses outside the US. In this role, he has driven the development of its international portfolio of core TV brands, with MTV and Nickelodeon being joined by Comedy Central, Paramount Channel, BET, Spike and Nick Jr. on pay and free TV platforms worldwide. In addition, Bakish has overseen the creation and growth of the company’s Viacom18 Indian joint venture, which includes the Colors general entertainment networks, as well as the acquisition of Channel 5 in the U.K.

    Under Bakish, the company has consistently grown profitability while expanding its TV, online and geographic footprint. Viacom’s 200 plus TV channels now reach approximately 3.9 billion cumulative television subscribers across more than 180 countries and broadcast in more than 40 languages. Bakish has also overseen the transition from TV to multiplatform distribution, with VIMN significantly growing online engagement with its video content, having launched a range of cutting edge digital properties including the Viacom Play Plex suite of mobile streaming apps that give on-demand access to the best TV content from its brands, all while building its branded presence on 3rd party video-on-demand and social media platforms, with an estimated 850 million fans and followers worldwide.

    Bakish’s growth strategy for VIMN has also involved substantially increasing the amount of original programming produced by Viacom internationally, driven in part by the recently opened Viacom International Studios in Miami, and Channel 5 Productions in the UK. In addition, he has expanded the off-screen presence of VIMN’s brands through live events, stores, theme parks and hotels.Bakish has delivered significant growth in some of the world’s most valuable media markets including established markets like the U.K., Italy and Spain, as well as higher growth markets such as India, Mexico, Brazil, China, Russia and Africa.

  • Bob Bakish to take over as Viacom CEO?

    Bob Bakish to take over as Viacom CEO?

    MUMBAI: Indian executives are familiar with this Viacom long-timer. And now, he’s being tipped to take over as the US media and cable Viacom CEO. We are talking about Viacom International Media Networks president & CEO Bob Bakish who was been quite closely associated with the Reliance group joint venture Viacom18 and its distribution outfit IndiaCast.

    Bakish is slated to replace the interim CEO Tom Dooley if Bloomberg and other international media reports are to be believed. Dooley, who was appointed as the interim CEO following the ouster of the former CEO Philippe Dauman in a public slugfest between him and the majority owner Sumner Redstone and his daughter Shari, will depart on 15 November.

    The fiesty executive has a long history with Viacom, having first worked with the management consulting firm Booze Allen & Hamilton in the nineties, before hopping on board MTV Networks as the EVP & chief operating officer – ad sales between 2001 and 2004. He then was promoted as the EVP – operations Viacom and Viacom Enterprises, following which he ran MTV Networks International as its president between 2007 and 2011. Since then, he has been the president & CEO of Viacom International Media Networks, expanding and consolidating the group’s international business globally and making it profitable.

    The board’s decision will be announced Monday.

    Viacom18 Media, its 50:50 joint venture with Network18 (now Reliance Industries owned), is one of the international successes, which has flowered under his watch. The venture runs India’s top three GECs – Colors — apart from channels such as MTV, VH1, Comedy Central, Colors Infinity. It has expanded the channels internationally as well into markets such as the UK, the US.

  • Bob Bakish to take over as Viacom CEO?

    Bob Bakish to take over as Viacom CEO?

    MUMBAI: Indian executives are familiar with this Viacom long-timer. And now, he’s being tipped to take over as the US media and cable Viacom CEO. We are talking about Viacom International Media Networks president & CEO Bob Bakish who was been quite closely associated with the Reliance group joint venture Viacom18 and its distribution outfit IndiaCast.

    Bakish is slated to replace the interim CEO Tom Dooley if Bloomberg and other international media reports are to be believed. Dooley, who was appointed as the interim CEO following the ouster of the former CEO Philippe Dauman in a public slugfest between him and the majority owner Sumner Redstone and his daughter Shari, will depart on 15 November.

    The fiesty executive has a long history with Viacom, having first worked with the management consulting firm Booze Allen & Hamilton in the nineties, before hopping on board MTV Networks as the EVP & chief operating officer – ad sales between 2001 and 2004. He then was promoted as the EVP – operations Viacom and Viacom Enterprises, following which he ran MTV Networks International as its president between 2007 and 2011. Since then, he has been the president & CEO of Viacom International Media Networks, expanding and consolidating the group’s international business globally and making it profitable.

    The board’s decision will be announced Monday.

    Viacom18 Media, its 50:50 joint venture with Network18 (now Reliance Industries owned), is one of the international successes, which has flowered under his watch. The venture runs India’s top three GECs – Colors — apart from channels such as MTV, VH1, Comedy Central, Colors Infinity. It has expanded the channels internationally as well into markets such as the UK, the US.

  • Dust settles at Viacom; Dauman steps down, Dooley is CEO

    Dust settles at Viacom; Dauman steps down, Dooley is CEO

    MUMBAI: It was a sparring match that waged for months. In the red corner was Viacom controlling shareholder Sumner Redstone’s once-estranged-but-now beloved 61 year old daughter Shari Redstone. And in the blue corner was Viacom’s chairman and once Redstone-favourite Philippe Dauman.

    But the match has ended in a victory for the Redstones, with Dauman agreeing to resign as chairman and CEO late Thursday night (US time).

    Replacing him is COO Tom Dooley, another long time Redstone associate, who has been redesignated as president and CEO until the end of the fiscal year on 30 September. And an additional five National Amusements (Redstone holds his 80 per cent of the controlling stock of Viacom and CBS through this company) nominated directors are slated to come on board Viacom.

    Viacom has a corporate roster consisting of Paramount Pictures, Nickelodeon, Comedy Central, MTV and VH1.

    Viacom has been locked in a public scrap ever since Redstone showed Dauman the doors along with board member George Abrams who also had a seat on his trust. But Dauman did not accept his decision and decided to knock on the doors of courts for relief and the legal battle has been waging since then..

    He, however, has some time (he will be at Viacom till September) to complete a transaction that he has been backing : selling 49 per cent stake in Paramount Pictures to the Chinese Wanda group. This is something that has not got a favourbale response from Redstone and his daughter.

    Dauman will also get a handsome severance package of $72 million.

    The five handpicked board members who are coming on to the board include: former Sony Entertainment president Nicole Seligman, Thomas May, chairman of Eversource Energy; ianker nvestment bKen Lerer,; Avis Budget group executive chairan Ronald Nelson, executive chairman of Avis Budget Group; and former Discovery president Judith McHale.

  • Dust settles at Viacom; Dauman steps down, Dooley is CEO

    Dust settles at Viacom; Dauman steps down, Dooley is CEO

    MUMBAI: It was a sparring match that waged for months. In the red corner was Viacom controlling shareholder Sumner Redstone’s once-estranged-but-now beloved 61 year old daughter Shari Redstone. And in the blue corner was Viacom’s chairman and once Redstone-favourite Philippe Dauman.

    But the match has ended in a victory for the Redstones, with Dauman agreeing to resign as chairman and CEO late Thursday night (US time).

    Replacing him is COO Tom Dooley, another long time Redstone associate, who has been redesignated as president and CEO until the end of the fiscal year on 30 September. And an additional five National Amusements (Redstone holds his 80 per cent of the controlling stock of Viacom and CBS through this company) nominated directors are slated to come on board Viacom.

    Viacom has a corporate roster consisting of Paramount Pictures, Nickelodeon, Comedy Central, MTV and VH1.

    Viacom has been locked in a public scrap ever since Redstone showed Dauman the doors along with board member George Abrams who also had a seat on his trust. But Dauman did not accept his decision and decided to knock on the doors of courts for relief and the legal battle has been waging since then..

    He, however, has some time (he will be at Viacom till September) to complete a transaction that he has been backing : selling 49 per cent stake in Paramount Pictures to the Chinese Wanda group. This is something that has not got a favourbale response from Redstone and his daughter.

    Dauman will also get a handsome severance package of $72 million.

    The five handpicked board members who are coming on to the board include: former Sony Entertainment president Nicole Seligman, Thomas May, chairman of Eversource Energy; ianker nvestment bKen Lerer,; Avis Budget group executive chairan Ronald Nelson, executive chairman of Avis Budget Group; and former Discovery president Judith McHale.

  • 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.”

  • Q2-2016: Viacom segments report decline in numbers

    Q2-2016: Viacom segments report decline in numbers

    BENGALURU: Viacom Inc (Viacom) reported 2.5 percent year-on year (YoY) drop (reduced by $77 million) in revenue for the quarter ended 31 March 2016 (Q2-2016, current quarter) at $2,381 million as compared to $2,452 million in Q2-2015. Revenue for the company’s Media Networks segment declined 2.9 percent YoY in the current quarter to $2,381 million from $2,452 million in the corresponding year ago quarter. Filmed Entertainment segment revenue declined 0.6 percent YoY to $655 million from $659 million in Q2-2015.

    Adjusted operating Income in the current quarter declined 29 per cent to $586 million from $822 million in Q2-2015. Media Networks adjusted operating income in Q2-2016 decreased 11 per cent to $805 million from $903 million in Q2-2015, reflecting revenue declines as well as an increase in programming expenses. Filmed Entertainment adjusted operating loss was $136 million, driven by the performance of certain films released in the quarter.
    Quarterly adjusted net earnings attributable to Viacom decreased to $303 million. Adjusted diluted earnings per share for the quarter were $0.76.

    A common trend across a number of media and entertainment verticals in the US for the quarter that ends 31 March is that revenues are at the lowest. In general as per this cycle, revenue can only go up from here for the other quarters if a business has a normal year. In the case of Viacom Inc., 31 March corresponds to the close of the second quarter of its fiscal, since the company’s financial year ends on 30 September.

    Viacom, executive chairman, president and chief executive cfficer Philippe Dauman, said, “Viacom’s brands are among the most popular and culturally connected in the world. Nickelodeon remains the number one network for kids and many of our other networks have shown sequential improvements in ratings and consumption across platforms. The continuing strength of our brands was validated by our recent renewals with Dish and Frontier on attractive terms. In the past year, we have successfully closed long-term carriage agreements with domestic distributors representing more than 44 million subscribers. Around the world we continue to expand the global reach of our networks, launching several new channels in the quarter. At Paramount, we are looking forward to upcoming blockbusters Teenage Mutant Ninja Turtles: Out of the Shadows and Star Trek Beyond this summer.”

    “We are responding to industry consumption shifts with innovative, thoughtful, and long-term strategic solutions and are generating meaningful results in many important areas, including content creation, data-based audience measurement and distribution innovation. There is much more work to be done, but we see the path to growth ahead and are very optimistic about our future,” he added.

    Media Networks

    This segment’s revenue and results have been mentioned above. Viacom says that domestic advertising revenues decreased 5 per cent, as pricing increases were more than offset by softer ratings at some of its networks. International advertising revenues declined 1 per cent, driven by a 7 per cent adverse effect of foreign exchange. Absent the impact of foreign exchange, international advertising revenues increased 6 per cent, driven principally by growth in Europe. Domestic affiliate revenues decreased 2 per cent, reflecting a modest decline in subscribers and a previously disclosed rate adjustment with a major distributor partially offset by rate increases across the remaining subscriber base. International affiliate revenues increased 4 per cent, driven by new channel launches, increased subscribers, and rate increases. Absent a 7 per cent adverse impact of foreign exchange, international affiliates revenues increased 11 per cent.

    Filmed Entertainment

    Filmed Entertainment revenues mentioned above decreased as an increase in license fees and theatrical revenues was more than offset by declines in home entertainment and ancillary revenues. The company says that excluding foreign exchange, which had a 2 per cent unfavourable impact, worldwide revenues increased 1 per cent. Worldwide theatrical revenues increased 6 per cent to $217 million in the quarter, reflecting revenues from Daddy’s Homeand The Big Short, both released late in the first fiscal quarter. License fees increased 17 per cent to $240 million in the quarter, driven by the licensing of certain titles for subscription video-on-demand services. Worldwide home entertainment revenues decreased $41 million in the quarter, primarily reflecting lower revenues associated with catalogue and third-party distribution titles.

  • Q2-2016: Viacom segments report decline in numbers

    Q2-2016: Viacom segments report decline in numbers

    BENGALURU: Viacom Inc (Viacom) reported 2.5 percent year-on year (YoY) drop (reduced by $77 million) in revenue for the quarter ended 31 March 2016 (Q2-2016, current quarter) at $2,381 million as compared to $2,452 million in Q2-2015. Revenue for the company’s Media Networks segment declined 2.9 percent YoY in the current quarter to $2,381 million from $2,452 million in the corresponding year ago quarter. Filmed Entertainment segment revenue declined 0.6 percent YoY to $655 million from $659 million in Q2-2015.

    Adjusted operating Income in the current quarter declined 29 per cent to $586 million from $822 million in Q2-2015. Media Networks adjusted operating income in Q2-2016 decreased 11 per cent to $805 million from $903 million in Q2-2015, reflecting revenue declines as well as an increase in programming expenses. Filmed Entertainment adjusted operating loss was $136 million, driven by the performance of certain films released in the quarter.
    Quarterly adjusted net earnings attributable to Viacom decreased to $303 million. Adjusted diluted earnings per share for the quarter were $0.76.

    A common trend across a number of media and entertainment verticals in the US for the quarter that ends 31 March is that revenues are at the lowest. In general as per this cycle, revenue can only go up from here for the other quarters if a business has a normal year. In the case of Viacom Inc., 31 March corresponds to the close of the second quarter of its fiscal, since the company’s financial year ends on 30 September.

    Viacom, executive chairman, president and chief executive cfficer Philippe Dauman, said, “Viacom’s brands are among the most popular and culturally connected in the world. Nickelodeon remains the number one network for kids and many of our other networks have shown sequential improvements in ratings and consumption across platforms. The continuing strength of our brands was validated by our recent renewals with Dish and Frontier on attractive terms. In the past year, we have successfully closed long-term carriage agreements with domestic distributors representing more than 44 million subscribers. Around the world we continue to expand the global reach of our networks, launching several new channels in the quarter. At Paramount, we are looking forward to upcoming blockbusters Teenage Mutant Ninja Turtles: Out of the Shadows and Star Trek Beyond this summer.”

    “We are responding to industry consumption shifts with innovative, thoughtful, and long-term strategic solutions and are generating meaningful results in many important areas, including content creation, data-based audience measurement and distribution innovation. There is much more work to be done, but we see the path to growth ahead and are very optimistic about our future,” he added.

    Media Networks

    This segment’s revenue and results have been mentioned above. Viacom says that domestic advertising revenues decreased 5 per cent, as pricing increases were more than offset by softer ratings at some of its networks. International advertising revenues declined 1 per cent, driven by a 7 per cent adverse effect of foreign exchange. Absent the impact of foreign exchange, international advertising revenues increased 6 per cent, driven principally by growth in Europe. Domestic affiliate revenues decreased 2 per cent, reflecting a modest decline in subscribers and a previously disclosed rate adjustment with a major distributor partially offset by rate increases across the remaining subscriber base. International affiliate revenues increased 4 per cent, driven by new channel launches, increased subscribers, and rate increases. Absent a 7 per cent adverse impact of foreign exchange, international affiliates revenues increased 11 per cent.

    Filmed Entertainment

    Filmed Entertainment revenues mentioned above decreased as an increase in license fees and theatrical revenues was more than offset by declines in home entertainment and ancillary revenues. The company says that excluding foreign exchange, which had a 2 per cent unfavourable impact, worldwide revenues increased 1 per cent. Worldwide theatrical revenues increased 6 per cent to $217 million in the quarter, reflecting revenues from Daddy’s Homeand The Big Short, both released late in the first fiscal quarter. License fees increased 17 per cent to $240 million in the quarter, driven by the licensing of certain titles for subscription video-on-demand services. Worldwide home entertainment revenues decreased $41 million in the quarter, primarily reflecting lower revenues associated with catalogue and third-party distribution titles.