MTV, Comedy Central and Nickelodeon owner Viacom reported weaker-than-expected third-quarter revenue results today, but the finger is being pointed largely at the company’s film business. Reuters notes that Viacom had no major movie releases in the quarter.
The company did suffer as well from a dip in U.S. ad revenue. Overall, revenue was down 10.6% to $3.06 billion.
“Revenue from Viacom’s studio business, which includes Paramount Pictures Corp, fell 44 percent to $479 million. The company had benefited in the year-earlier quarter from the release of its blockbuster ‘Transformers: Age of Extinction,'” Reuters notes.
The report adds: “Viacom’s movie slate for the fourth quarter includes ‘Terminator: Genisys’ and ‘Mission: Impossible — Rogue Nation,” which are expected to drive revenue.”
Viacom reported that ad revenue in the U.S. cable and media network business slipped 9%.
“Net profit from continuing operations attributable to Viacom fell to $591 million, or $1.47 per share, in the quarter ended June 30 from $611 million, or $1.40 per share, a year earlier,” Reuters reports.