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Viacom Inc. (VIA)

  • Thu, Nov. 12, 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)
    | Thu, Nov. 12, 1:18 PM | Comment!
  • Thu, Nov. 12, 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
    • Press Release
    | Thu, Nov. 12, 9:27 AM | Comment!
  • Thu, Nov. 12, 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.
    • Press Release
    | Thu, Nov. 12, 7:34 AM | Comment!
  • Thu, Aug. 6, 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)
    | Thu, Aug. 6, 10:52 AM | 2 Comments
  • Thu, Aug. 6, 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.
    • Press Release
    | Thu, Aug. 6, 9:33 AM | 6 Comments
  • Thu, Aug. 6, 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.
    • Press Release
    | Thu, Aug. 6, 7:01 AM | 2 Comments
  • Thu, May 7, 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
    • Press Release
    | Thu, May 7, 4:22 PM | Comment!
  • Thu, Apr. 30, 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)
    | Thu, Apr. 30, 11:34 PM | Comment!
  • Thu, Apr. 30, 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.
    • Press Release
    | Thu, Apr. 30, 6:59 AM | Comment!
  • Thu, Jan. 29, 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)
    • Press release
    | Thu, Jan. 29, 10:14 AM | Comment!
  • Thu, Jan. 29, 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.
    • Press Release
    | Thu, Jan. 29, 6:53 AM | 1 Comment
  • Aug. 6, 2014, 7:47 AM
    • Viacom (VIA, VIAB) reports lower revenue than a year ago in FQ3 as its film slate was lighter during the quarter.
    • Worldwide home entertainment revenues was off 24%.
    • Segment revenue growth: Media Networks +1% to $2.59B; Filmed Entertainment -26% to $856M.
    | Aug. 6, 2014, 7:47 AM | Comment!
  • May 1, 2014, 7:15 AM
    • Viacom (VIA, VIAB) reports a 6% gain in revenue during FQ2 for its Media Networks segment to $2.375B, led by higher affiliate fees.
    • The Filmed Entertainment segment saw a 12% drop to $831M during the quarter. The company's slate of international movie releases was light.
    • Viacom says it returned $2B to investors through buybacks and dividends in the first half of FY14.
    | May 1, 2014, 7:15 AM | Comment!
  • Jan. 30, 2014, 7:02 AM
    • Viacom (VIA, VIAB) saw its quarterly profit increase in FQ1 on a steady revenue gain.
    • The company saw revenue in its Media Networks segment rise 6% to $2.54B, led by higher affiliate fees and advertising revenues.
    • Filmed Entertainment revenue fell 30% to $681M with fewer movie releases during the period.
    • PR (.pdf)
    | Jan. 30, 2014, 7:02 AM | Comment!
  • Apr. 22, 2013, 5:37 PM
    Netflix (NFLX) is rolling out an $11.99/month family plan for subs who want access to 4 streams at once (up from a current limit of 2). Also, Netflix says it will let a deal with Viacom (VIA) that covers Nickelodeon, BET, and MTV content expire in May, but is in talks to license "particular shows." Domestic streaming's contribution margin rose to 20.6% from Q4's 19.6% and Q1 2012's 14.3%, while domestic DVD's profit fell $15M Q/Q to $113M. International streaming had a $77M loss, down from Q4's $105M. Q2 sub add forecasts: 200K-850K for domestic streaming (down from Q1's 2.02M), 150-750K for international (down from Q1's 1.02M). (more) (shareholder letter)
    | Apr. 22, 2013, 5:37 PM | Comment!
  • Nov. 10, 2011, 9:56 AM
    More on Viacom (VIA.B) FQ4: Net income triples to $576M. Revs at the TV ops +7.7% to $2.29B, but ad growth slows from FQ3. Sales at Paramount +46% to $1.79B, boosted by the latest "Transformers" film. Raises stock buyback by $6B to $10B and declares a dividend of $0.25/share. Shares +0.6%. (PR)
    | Nov. 10, 2011, 9:56 AM | Comment!
Company Description
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.
Sector: Services
Industry: CATV Systems
Country: United States