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Tag: Viacom Inc

  • Q1-2016: Viacom revenue down 6%

    Q1-2016: Viacom revenue down 6%

    BENGALURU: Viacom Inc reported 5.7 per cent year-on year (YoY) drop (reduced by $190 million) in revenue for the quarter ended 31 December, 2015 (Q1-2016, current quarter) at $3,154 million as compared to $3,344 million in Q1-2015. The company’s Media Networks segment declined 3.4 per cent YoY in the current quarter to $2,565 million from $2654 in the corresponding year ago quarter. Filmed Entertainment segment revenue declined 15 per cent YoY to $612 million from $670 million in Q1-2015. 

    Operating Income in Q1-2016 declined 10.3 per cent to $839 million as compared to $935 million in Q1-2015. Net earnings attributable to Viacom declined 10.2 per cent in the current quarter to $449 million from $500 million in the corresponding year ago quarter.

    Viacom executive chairman, president and CEO Philippe Dauman said, “As the media industry continues to evolve quickly, Viacom is generating sustainable opportunities using great new content, innovative technology, marketing and data applications, along with the benefits of our substantial footprint in key international growth markets. Our investments in new content have led to higher ratings at most of our networks, including VH1, Spike, BET, TV Land, CMT and Nick at Nite, as well as Nickelodeon, which recaptured its lead as the top network for kids 2 to 11. In addition, we saw significant sequential improvement in domestic advertising sales, due to the success of our new programming and our highly-desirable new advertising products. Paramount is off to a strong start in 2016, with a promising and diverse film lineup throughout the year, and our Paramount Television unit is also thriving.”
    “2015 was a challenging year operationally as we redesigned ourselves and adapted to significant industry disruption. Our first fiscal quarter of 2016 reflected these challenges. However, our revitalized organization and our investments in content, technology and strategic innovation are now beginning to bear fruit. Although our industry continues to face headwinds, we expect our positive momentum to continue and build throughout the year,” added Dauman.

    Media Networks

    Media Networks segment revenue has been mentioned above.

    The company says that absent an unfavourable one per cent impact of foreign exchange, Media Networks revenues decreased two per cent. Domestic advertising revenues declined four per cent, as pricing increases were more than offset by a decline in traditional ratings at some of our networks. Worldwide advertising revenues decreased three per cent, reflecting an unfavourable one per cent impact of foreign exchange. International advertising revenues declined two per cent, driven by an eight per cent adverse effect of foreign exchange. Absent the impact of foreign exchange, international advertising revenues increased six per cent, driven principally by growth in Europe. Domestic affiliate revenues were substantially flat due to the impact from the timing of product available under certain distribution agreements. International affiliate revenues decreased six per cent, driven by a nine per cent unfavourable impact of foreign exchange. Absent the impact of foreign exchange, international affiliate revenues increased three per cent.

    Filmed Entertainment

    Filmed Entertainment segment revenue has been mentioned above.

    Filmed Entertainment revenues decreased as an increase in license fees was more than offset by declines in theatrical and home entertainment revenues. Excluding foreign exchange, which had a three per cent unfavourable impact, worldwide revenues declined 12 per cent. Worldwide theatrical revenues decreased $75 million in the quarter, as carryover revenues decreased $46 million, principally due to an unfavourable comparison with the strong performance of Teenage Mutant Ninja Turtles in the first fiscal quarter of 2015. Worldwide home entertainment revenues decreased $77 million in the quarter, primarily reflecting a comparison with carryover revenues from Transformers: Age of Extinction in the first quarter of 2015. License fees increased 25 per cent, to $237 million in the quarter, primarily driven by the licensing of certain titles for subscription video-on-demand services and television.

  • After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    MUMBAI: After stepping down from the post of executive chairman of CBS, Sumner M. Redstone has now also given up the chairmanship of Viacom Inc. Redstone has been named to the newly created position of chairman emeritus. The Viacom Board elected Viacom CEO and president Philippe Dauman as executive chairman, succeeding Redstone in that role.

    “Sumner Redstone’s contributions to Viacom and the media industry are legendary,” said William Schwartz, Of Counsel to the law firm of Cadwalader, Wickersham & Taft and chairman of the Governance and Nominating Committee of Viacom’s Board of Directors. “He has successfully led Viacom with a dedication to building a global business for the benefit of all shareholders. On behalf of the Viacom Board, his colleagues and all our shareholders, we want to thank Sumner for his vision and leadership. There is no one who loves this company more and we will continue to be inspired by his wisdom in the years to come.”

    “Philippe has been instrumental with Sumner in every aspect of Viacom’s success for nearly 30 years and most recently as CEO has taken on the tough task of navigating our future in a time of unprecedented innovation and disruption. He has laid out a strategic long-term vision for the company that we fully endorse. We have complete confidence that his dedication to Viacom, his global experience and his determination to further our culture of creativity and innovation will continue to serve the interests of all shareholders and build long-term value,” he said.

    “In choosing a successor to Sumner,” Schwartz added, “the Board considered the need for seasoned leadership in this time of unprecedented change, Philippe’s business experience and unparalleled knowledge of Viacom, and his long-term vision for the Company. We believe his becoming Executive Chairman is in the best interests of the company and all shareholders.”

    Schwartz added that the board has also extended an offer to Viacom’s non-executive vice chair Shari Redstone to become mon-executive chairman. Shari Redstone declined the offer and will continue in her role as non-executive vice chair.

    Dauman said, “I am honored to succeed my friend and long-time colleague Sumner in the role of executive chairman. His steadfast belief in our company and the power of entertainment will always be an inspiration for me and I look forward to carrying forward his leadership role as a champion for all shareholders. I am gratified by the continued confidence and support of the Board of Directors and all of my colleagues at Viacom whose creativity and unrelenting hard work is evident in our recent successes across the company.”

    Dauman was named president and CEO of Viacom Inc. in September 2006 and has served on the Company’s Board of Directors since 1987. Previously, he was co-chairman and CEO of DND Capital Partners, L.L.C., a private equity firm specialising in media and telecommunications investments, from May 2000 until September 2006. Prior to co-founding DND Capital Partners, Dauman served in several positions at Viacom.

  • After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    After CBS, Sumner Redstone steps down as Viacom chairman; Philippe Dauman to succeed

    MUMBAI: After stepping down from the post of executive chairman of CBS, Sumner M. Redstone has now also given up the chairmanship of Viacom Inc. Redstone has been named to the newly created position of chairman emeritus. The Viacom Board elected Viacom CEO and president Philippe Dauman as executive chairman, succeeding Redstone in that role.

    “Sumner Redstone’s contributions to Viacom and the media industry are legendary,” said William Schwartz, Of Counsel to the law firm of Cadwalader, Wickersham & Taft and chairman of the Governance and Nominating Committee of Viacom’s Board of Directors. “He has successfully led Viacom with a dedication to building a global business for the benefit of all shareholders. On behalf of the Viacom Board, his colleagues and all our shareholders, we want to thank Sumner for his vision and leadership. There is no one who loves this company more and we will continue to be inspired by his wisdom in the years to come.”

    “Philippe has been instrumental with Sumner in every aspect of Viacom’s success for nearly 30 years and most recently as CEO has taken on the tough task of navigating our future in a time of unprecedented innovation and disruption. He has laid out a strategic long-term vision for the company that we fully endorse. We have complete confidence that his dedication to Viacom, his global experience and his determination to further our culture of creativity and innovation will continue to serve the interests of all shareholders and build long-term value,” he said.

    “In choosing a successor to Sumner,” Schwartz added, “the Board considered the need for seasoned leadership in this time of unprecedented change, Philippe’s business experience and unparalleled knowledge of Viacom, and his long-term vision for the Company. We believe his becoming Executive Chairman is in the best interests of the company and all shareholders.”

    Schwartz added that the board has also extended an offer to Viacom’s non-executive vice chair Shari Redstone to become mon-executive chairman. Shari Redstone declined the offer and will continue in her role as non-executive vice chair.

    Dauman said, “I am honored to succeed my friend and long-time colleague Sumner in the role of executive chairman. His steadfast belief in our company and the power of entertainment will always be an inspiration for me and I look forward to carrying forward his leadership role as a champion for all shareholders. I am gratified by the continued confidence and support of the Board of Directors and all of my colleagues at Viacom whose creativity and unrelenting hard work is evident in our recent successes across the company.”

    Dauman was named president and CEO of Viacom Inc. in September 2006 and has served on the Company’s Board of Directors since 1987. Previously, he was co-chairman and CEO of DND Capital Partners, L.L.C., a private equity firm specialising in media and telecommunications investments, from May 2000 until September 2006. Prior to co-founding DND Capital Partners, Dauman served in several positions at Viacom.

  • Viacom to open production studio in Miami

    Viacom to open production studio in Miami

    MUMBAI: Viacom Inc will open a two-stage, 88,000 square foot, state-of-the-art production facility in Miami, Florida. 

     

    The new studio, which was built by the Miami Omni Community Redevelopment Agency (CRA) as a public-private partnership with EUE/Screen Gems Studios, will serve as a production hub for Viacom’s global entertainment brands including Nickelodeon, MTV and Comedy Central.

     

    “We are creating more content than ever before across all of our brands at Viacom. The Viacom International Studio in Miami will offer a turnkey facility where we can create even more original, high quality content to meet the increasing demand for long-and-short-form content on all of our global platforms,” said Viacom International Media Networks (VIMN) president and CEO Robert Bakish. 

     

    “We have had terrific success with the recent live action productions we have coming from Miami, and we are very excited to be committed to doing more. We are constantly looking for new creative ideas and content formats that allow us to tell stories in a completely different way, and this facility will certainly forward that effort,” added Viacom Kids and Family Group president Cyma Zarghami.

     

    “Viacom has demonstrated again and again that hits come from all over the world. With an established track record of multi-lingual hits including Every Witch Way and Talia in the Kitchen being produced in Miami for multiple audiences simultaneously, in global collaboration with the US and local Latin American teams, we’re excited to have the opportunity to further expand our production capabilities in the market,” said VIMN Americas president and Nickelodeon International EVP Pierluigi Gazzolo.

     

    Located in central Miami, the studio location offers access to a highly skilled, multi-lingual talent pool essential to creating global productions in multiple languages. The facilities will include two modern sound stages equipped to create a variety of content simultaneously, from daily scripted series, music specials and game shows to short form content for mobile, digital and on-air.

     

    “We welcome Viacom as a long-term partner at our new Miami studios. Our company has worked closely with Viacom to develop a facility worthy of a dynamic content producer. Today, we celebrate our relationship with Viacom, and we applaud our partners at the Omni CRA, whose vision and efforts have made this building possible,” said EUE/Screen Gems Studios COO Chris Cooney.

     

    EUE/Screen Gems has entered into a long-term lease with Miami’s Omni CRA to operate the new facility.

  • Viacom completes process of 50% acquisition in ETV channels from Reliance

    Viacom completes process of 50% acquisition in ETV channels from Reliance

    MUMBAI: Viacom Inc, which received approval from the Foreign Investment Promotion Board (FIPB) to acquire 50 per cent equity stake in Prism TV for Rs 9.4 billion (approximately $153 million) earlier this month, has completed the transaction.

     

    The transaction was completed today (31 July) between Nickelodeon Asia Holdings Pte Ltd., a wholly owned subsidiary of Viacom Inc., and Shinano Retail Private Limited, a company effectively 100 per cent owned by Reliance Industrial Investments and Holdings Limited, a wholly owned subsidiary of Reliance Industries Limited.

     

    Prism runs five regional language general entertainment channels namely ETV Marathi, ETV Gujarati, ETV Kannada, ETV Bangla and ETV Odia, all of which were recently rebranded under the Colors umbrella.

     

    With this acquisition, Viacom Inc. will hold 50 per cent of Prism TV and the remaining 50 per cent interest will continue to be owned by the Network18 Group, Viacom’s partner in the Viacom18 joint venture.

     

    Viacom18 operates 10 channels including MTV, Nickelodeon, Comedy Central and Colors.  The deal gives Viacom a significant presence in the fast growing regional TV sector in India, where almost 60 per cent of the population of more than 1.2 billion people speak regional dialects as their first language. Collectively, regional TV stations account for the second largest share of viewing in the Indian market, behind only Hindi general entertainment channels.

     

    Viacom president and CEO Philippe Dauman said, “We’re thrilled to be broadening our presence in one of the largest and fastest growing TV markets in the world, and deepening our already strong partnership with Network18.  This acquisition is an important step in building on our leadership position in India, a key market in Viacom’s international growth strategy.”

     

    Network18 CEO AP Parigi added, “This acquisition by Viacom International Media Networks further strengthens the partnership with Network18 both in terms of depth and breadth. I am confident India will emerge as a global entertainment powerhouse in the year ahead.”

     

    Viacom International Media Networks president and CEO Bob Bakish said, “Regional TV networks – and regional ad markets – are the next wave of growth in India. Having a strong national and broad regional presence gives us a powerful platform to launch additional brands, and introduce successful franchises and formats across India.”

     

    Viacom18 group CEO Sudhanshu Vats said, “This acquisition is a big milestone for Viacom & Network 18 and it showcases their combined conviction to build a powerful broadcast offering for the Indian market.  We are delighted by the transaction and the next growth phase for the companies.”

  • Viacom releases annual Viacommunity social responsibility report

    Viacom releases annual Viacommunity social responsibility report

    BENGALURU:  Viacom Inc (Viacom) today released its annual corporate social responsibility report, ‘Viacommunity 2014 Review: Impact Creating Value.’ The report showcases the company’s investment in some of today’s most pressing issues, and its work to inspire and activate audiences to bring about positive social change. In conjunction with the report’s release, Viacom launched a powerful new series of NO MORE PSAs to raise awareness for the NO MORE movement to end domestic violence and sexual assault.

     A few highlights from the Viacommunity report include:

     Viacom committed US$ 116 million in in-kind goods and services to campaigns and non-profit partners in 2013, the same amount that would purchase 464 seats on Virgin Galactic’s commercial trips to space – or 5 copies of the Magna Carta.

     1.8 million kids, educators and parents visited the Get Schooled website during the 2013-14 school year, enough to fill every Major League Baseball stadium, and then Yankee Stadium another 11 times.

    40,000 volunteer hours were donated by Viacom employees in 2013. In that time you could watch the entire film Titanic 11,428 times.

    “Our partnership with the NO MORE movement is a prime example of Viacom’s commitment to shining a spotlight on the most important issues of the day,” said Viacom president and CEO Philippe Dauman. “I am proud to showcase this work and all of the company’s initiatives in the Viacommunity 2014 Review.”

     The new “Speechless” NO MORE PSAs, produced by Viacom Velocity and the Joyful Heart Foundation, highlight the difficulty and critical need of starting conversations around domestic violence and sexual assault.

     The NO MORE PSA campaign initially launched in September 2013 and was designed to help dispel many of the most common and pervasive myths about sexual assault and domestic violence, and to engage the public in an open dialogue about these important issues. The three-year PSA campaign, developed in partnership with Y&R, director Mariska Hargitay and world-renowned photographer Timothy White, has been rolling out across the country in local and national markets via print, broadcast, online and outdoor advertising, in movie theatres nationwide, and in major airports and medical facilities.

     

  • 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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  • MTV networks COO Michael Wolf quits

    MTV networks COO Michael Wolf quits

    MUMBAI: There seems to be no end to the executive departures at Sumner Redstone’s Viacom Inc. A day after Gail Berman resigned as president of Viacom’s Paramount Pictures, putting in less than two years in the organization, MTV Networks president and chief operating officer Michael Wolf is also leaving Viacom’s MTVN.

    Wolf left McKinsey to join the media group’s transition to the digital age but is leaving barely a year later.
    According to the company’s website, Wolf and MTVN president of affiliate sales and marketing Nicole Browning will be leaving the company.

    Wolf led the company’s business and technology operations, including advertising sales, affiliate sales and marketing, business and strategy development, business and legal affairs, finance, information systems and technology and production operations.

    Browning oversaw the distribution activities of MTV Networks including MTV: Music Television, MTV 2, mtvU, MTV Tr3s, MTV World, VH1, Nickelodeon, Nick at Nite, Spike TV, Comedy Central, Logo, TV Land, Noggin/The N, CMT, VH1 Classic, The Digital Suite from MTV Networks, and BET Networks including BET, BET Gospel, and BET J.

    Earlier last week Wolf had revealed to the media that there was a “gap in perception” in the market about Viacom’s internet activities. He also added, ‘We’ve been able to accomplish a huge amount in the 15 months I’ve been here’. During his tenure, Viacom acquired a slew of internet gaming and film startups, including Xfire and Atom Entertainment.

    Wolf’s departure had been a subject of speculation since Redstone, Viacom’s chairman and controlling shareholder, ousted Tom Freston in September 2006 from his post as chief executive and replaced him with board member Philippe Dauman.

    It was widely believed that Freston, one of the MTV founders, was blamed for the company’s failure to acquire MySpace, the popular social networking site, and the perception that the cable group was being eclipsed by a new generation of youth-oriented media companies.

    In early 2006 Viacom’s research maven Betsy Frank exited the company after nearly a decade. Company sources pointed out that they would be working with Frank on a consultancy basis over a number of projects. MTVN president ad sales Larry Divney also stepped down on 1 April but would continue to be exclusive consultant to the network on their various projects.

    This is the latest in a long line of top ranking executive exits at Viacom’s MTV Networks which in hindsight could now be said to have begun with the resignation of MTV COO Mark Rosenthal in 2004 following Judy McGrath’s promotion to chairman and CEO of MTV Networks.

    The company’s January 2006 split from CBS has led to a huge upheaval in its top management ranks. Wolf’s departure is the latest in this series. MTVN will begin searches for a new COO and a new head of Affiliate Sales and Marketing immediately it has said.

  • Tom Cruise, Paramount Pictures to part ways

    Tom Cruise, Paramount Pictures to part ways

    MUMBAI: Paramount Pictures and actor Tom Cruise are set for a bitter break up of their 14-year old association. The decision was revealed by Viacom Inc. Chairman Sumner Redstone, when he told the Wall Street Journal, “As much as we like him personally, we thought it was wrong to renew his deal.”

    Reportedly, the Viacom chief was hinting at the movie star’s off-screen behaviour. The actor’s camp has taken strong offence of Redstone’s comments as Paula Wagner, Cruise’ longtime partner in his movie company Cruise/Wagner Productions, termed the outburst “offensive” and “undignified.”

    “Whatever remarks Redstone would make about Tom Cruise personally or as an actor have no bearing on what this business issue is. There must be another agenda that the studio has in mind to take one of their greatest assets and malign him this way,” Wagner has been quoted in a Reuters report.

    As reported, five Cruise starrers co-produced by Cruise/Wagner Productions — these include the Mission: Impossible series — have generated theatrical revenues totalling over $2 billion (1 billion pounds) worldwide during the past decade. Wagner claimed that Cruise-starrers accounted for about 15 per cent of the studio’s overall box office gross over that period.

    Wagner has also been quoted as saying that she and Cruise chose to leave the Paramount lot and establish a new venture financed through a private equity fund of $100 million.

    The Los Angeles Times had earlier reported on Paramount’s intention to slash the amount of money the studio pays for the production company. Paramount wanted Cruise/Wagner to cut the remuneration from $10 million to $2 million a year, it said.