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Tue, Feb. 9, 9:13 PM
- Viacom (VIA -17.8%, VIAB -21.5%) B shares finished at their lowest point in more than five years after disappointing Q4 earnings and a conference call that failed to inspire confidence.
- In a tense call, Philippe Dauman -- now CEO and executive chairman, after the resignation of Sumner Redstone -- said the facts were "distorted and obscured by the naysayers, self-interested critics and publicity seekers."
- The succession drama has raised questions that haven't been entirely settled now that Dauman has two key roles, but Redstone still has the ownership of 80% of voting shares. Richard D. Greenfield, who filed a shareholder lawsuit last month, questions whether Redstone's resignation letter is valid.
- "We suppose somebody drafted it for him and signed it for him," he tells CTFN. "According to Manuela Herzer (Redstone’s ex-girlfriend who is fighting her removal as his designated health care agent), he is in no position to sign anything."
- The suit is targeting lucrative compensation for Redstone and Dauman even as the stock has tumbled. Viacom's been “pushing (Redstone) an awful lot of money to be sitting in a bed. We are seeking repayment of that money. It is in the millions of dollars.”
- Previously: Viacom -15% to new low after poor earnings, tense call (Feb. 09 2016)
- Previously: Viacom -4.8% as ad sales, movie revenues decline (Feb. 09 2016)
Tue, Feb. 9, 12:52 PM
- Viacom (VIA -12.3%, VIAB -15.2%) is now off more than 15% and hitting new 52-week lows after a tense earnings call where chief Philippe Dauman pushed back against "naysayers."
- The call followed a Q4 report where the company saw declines in revenue with ad sales slipping and film revenues that tumbled 15%.
- "Our outlook and the facts have been distorted and obscured by the naysayers, self-interested critics and publicity seekers," Dauman said. Despite a couple of years of price declines, Viacom's stock buyers have waded through "a lot of noise."
- "How is this not a business in decline?" asks Bernstein's Todd Juenger, who rates the stock Underperform. Everything was down Y/Y, he notes, and "at this juncture, we think the stock is being driven much more by handicapping of the Dish renewal, and any continued drama surrounding changes in control. None of which is addressed in the press release, and probably won’t be addressed on the conference call either."
- Regarding change of control: The company said Sumner Redstone (now chairman emeritus) was on the call, but he didn't speak, leaving commentary to new Executive Chairman Dauman.
- Juenger has a $42 price target; VIAB shares closed yesterday at $41.85 and are trading currently at $35.51. The shares have lost 47.7% of value over the past 12 months.
- Previously: Viacom -4.8% as ad sales, movie revenues decline (Feb. 09 2016)
- Previously: Viacom EPS in-line, misses on revenue (Feb. 09 2016)
- Previously: Viacom, Snapchat agree on multiyear ad sales deal (Feb. 09 2016)
Tue, Feb. 9, 9:28 AM
- Viacom (VIA, VIAB) B shares are off 4.8% premarket after a dearth of Paramount hits and weaker ad sales hit the top line and revenues missed expectations.
- Revenue by segment: Media Networks, $2.57B (down 3%); Filmed Entertainment, $612M (down 15%). Excluding negative impact from foreign exchange: Media Networks down 2%, Filmed Entertainment down 12%.
- Filmed Entertainment also operated at a loss of $146M vs. a year-ago operating loss of $60M. Media Networks, meanwhile, showed an operating profit of $1.06B, down 4% Y/Y.
- Ratings hit the TV operations: Despite an increase in ad pricing, ad revenues dropped 4% domestically and international ad revenues fell 2%, though they showed signs of life (up 6% ex-forex).
- Conference call link
- Press release
Nov. 12, 2015, 1:18 PM
- It's already been a disappointing year full of sliding ratings for Viacom (VIA +3.3%, VIAB +2.8%), which may explain why investors today are shaking off a bummer report for fiscal Q4 where operating income dipped across the board.
- Ad sales slipped in the U.S. and movie revenues fell in comparison to a year-ago quarter that earned Transformers money.
- Much of that may not have surprised the broader market, though, as FBR's Barton Crockett notes: “Viacom’s F4Q15 earnings report overall was close to projections, a result that we initially read as not dramatic for this low-expectations equity.”
- Cowen's Doug Creutz calls Viacom a "wait-and-see story" where valuation is still highly discounted compared to peers, though "We continue to think a lower multiple is warranted due to the steep declines in Viacom’s audience in recent years."
- For its part, Topeka Capital Markets has bumped its price target up to $48 on B shares, from $47. VIAB was trading last at $50.74 after closing yesterday at $49.35.
- Previously: Movie slate hits Viacom earnings; domestic ad sales still off (Nov. 12 2015)
Nov. 12, 2015, 9:27 AM
- Viacom is lower premarket (VIA -2.5%, VIAB -0.7%) after posting fiscal Q4 results that missed expectations as the one-two punch of lower ad sales and a strong dollar took its toll.
- Revenues dropped mainly due to the films group, though domestic ad sales fell 7%. Excluding currency effects, revenue was off 2%.
- An uneven movie slate at Paramount also provided tough comps, as last year's Transformers: Age of Extinction went on to gross $1.1B worldwide, about the combined effect of this year's hits Terminator: Genisys and Mission Impossible: Rogue Nation.
- Affiliate fees boosted media networks, as revenues there were up 15% domestically and 10% worldwide.
- Revenue by segment: Media Networks, $2.79B (up 5%); Filmed Entertainment, $1.03B (down 24%).
- Operating income was down in both segments: 6% lower in Media Networks to $1.02B, and 43% lower in Filmed Entertainment, to $122M.
- Debt outstanding at quarter's end was $12.29B, down from a year-ago $12.7B.
- Conference call link
Nov. 12, 2015, 7:34 AM
- Viacom (NASDAQ:VIAB): FQ4 EPS of $1.54 misses by $0.01.
- Revenue of $3.79B (-5.0% Y/Y) misses by $90M.
Aug. 6, 2015, 10:52 AM
- A Viacom sell-off is accelerating rapidly: VIA -17.4%; VIAB -19.1%.
- Notable in its earnings report was the fall-off in Filmed Entertainment, chiefly due to comps with last year's quarter (and its release of Transformers: Age of Extinction) and this year's Q3, which had no major release.
- On its earnings call, the company detailed that Paramount Pictures would expand its release slate in 2016, to 15 films. They included several sequels -- new follow-ups to Transformers, Jack Reacher and Zoolander among them.
- Paramount is looking forward this fall to Minority Report, its new drama coming to Fox.
- Previously: Viacom sinks after revenues miss by nearly 5% (Aug. 06 2015)
- Previously: Viacom beats by $0.02, misses on revenue (Aug. 06 2015)
Aug. 6, 2015, 9:33 AM
- Viacom is lower by far in early going (VIA -5.3%; VIAB -6.5%) as it logged fiscal Q3 results that beat on the bottom line though sales disappointed without a major film contribution from Paramount in the quarter.
- EPS of $1.47 was a record for the June quarter and was up 4%.
- Film revenue was off 44% to $479M, comparing to a year ago when it featured Transformers: Age of Extinction. The company's fourth quarter this year includes Terminator: Genisys and Mission: Impossible-Rogue Nation. Home Entertainment revenues dropped 30% to $199M
- Revenue by segment: Media Networks, $2.6B (flat); Filmed Entertainment, $479M (down 44%).
- Media networks revenue was up $6M; excluding forex impacts, it was up 2% as affiliate fees were higher on rate increases.
- Debt outstanding was $13.08B at quarter's end, compared to $12.7B on Sept. 30. Cash balance was $421M, down from $1B on Sept. 30.
Aug. 6, 2015, 7:01 AM
- Viacom (NASDAQ:VIA): FQ3 EPS of $1.47 beats by $0.02.
- Revenue of $3.06B (-10.5% Y/Y) misses by $230M.
May 7, 2015, 4:22 PM
- CBS is up 0.9% after-hours following a Q1 report where it beat expectations with record EPS though revenues declined slightly on lower local ad sales.
- Content licensing and distribution revenues decreased 4%, while affiliate and subscription fees increased 11%, driven by growth in rates.
- Revenues by segment: Entertainment, $2.26B (down 1.8%); Cable Networks, $539M (up 0.3%); Publishing, $145M (down 5%); Local Broadcasting, $596M (down 4.8%).
- Free cash flow was $400M, down from the prior year's $520M.
- CEO Les Moonves pointed to content wins, with "four of the top five new scripted series, all of which we have ownership in and can monetize in a growing number of ways. We will also win the season as the most-watched network in America, with a solid performance across all demographics at a time when others are facing ratings erosion."
- Chairman Sumner Redstone issued a statement to deny reports that his daughter Shari would take his place at CBS and Viacom (NASDAQ:VIA) when he dies: "Decisions about who will succeed me as chairman of CBS and Viacom will be made by the boards of the respective companies, and not by any individual," he wrote. "Despite press reports to the contrary, such decisions have not yet been made."
- Conference call at 4:30 p.m. ET
Apr. 30, 2015, 11:34 PM
- Following a quarter where Viacom (VIA, VIAB) began a painful restructuring, CEO Philippe Dauman mentioned on its earnings call that the moves are "largely complete" and focus is turning to new investments.
- "It’s a big evolution going forward," Dauman said. "This is not just about saving cost -- although we are saving cost -- it’s about growing revenue. And I think we will see the results of that in fairly short order."
- The company's made some progress in its plan to shift half its ad business away from traditional TV ratings, of which Dauman has been a loud critic: "We are moving away as rapidly as possible from traditional methods of measurement and towards a more meaningful and powerful dynamic intelligence platform that enables our marketing partners to tap into the unique cultural connections our content has with the consumers they want to reach."
- Partway through a spate of layoffs, facing "changing media consumption habits," the company took a big $785M writedown/amortization on programming. "We're becoming less reliant on old, not-so-relevant programming we acquired years ago," Dauman said. "We said goodbye to that, and we're saying hello to a lot of new, more engaging, more live."
- Today: VIA -4.4%; VIAB -3.9%.
- Previously: Viacom beats by $0.07, misses on revenue (Apr. 30 2015)
Apr. 30, 2015, 6:59 AM
- Viacom (NASDAQ:VIA): FQ2 EPS of $1.16 beats by $0.07.
- Revenue of $3.08B (-2.8% Y/Y) misses by $150M.
Jan. 29, 2015, 10:14 AM
- Viacom (VIA,VIAB) beat bottom-line expectations in fiscal Q1 though missing slightly on revenues. Segment breakdowns: Media Networks revenue of $2.65B up 4.4% Y/Y (higher affiliate fees and ad revenues); Filmed Entertainment revenue of $720M up 5.7% Y/Y.
- Adjusted operating income of $1.1B in Media Networks was off 1% due to higher programming costs; Filmed Entertainment had an adjusted operating loss of $60M (19% better than last year) as revenues helped to offset higher film/distribution expense.
- Previous release Teenage Mutant Ninja Turtles continued strong contributions to current-quarter film releases. Theatrical revenues up 6% and home entertainment revenues (two releases compared to none the prior year) up 16%.
- After repurchasing about $750M in shares in fiscal Q1, Viacom had $5.62B remaining in a $20B buyback program.
- Shares: (VIA -1.1%), (VIAB -1%)
- Previously: Viacom beats by $0.01, misses on revenue (Jan. 29 2015)
Jan. 29, 2015, 6:53 AM
- Viacom (NASDAQ:VIA): FQ1 EPS of $1.29 beats by $0.02.
- Revenue of $3.34B (+4.4% Y/Y) misses by $20M.
Aug. 6, 2014, 7:47 AM
Viacom Inc is an entertainment content company. It connects with audiences in 165 countries and territories and creates television programs, motion pictures, applications, games, consumer products, social media & other entertainment content.
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