NEW YORK--(BUSINESS WIRE)--
Viacom Inc. (NASDAQ:VIAB, VIA) today provided an update on its financial
expectations for the fiscal quarter ended June 30, 2016.
Based on preliminary information, Viacom expects to report adjusted
diluted earnings per share within the range of approximately $1.00 to
$1.05 for the third quarter of 2016. The Company said that its third
quarter results will be impacted by the theatrical underperformance of Teenage
Mutant Ninja Turtles: Out of the Shadows as well as a delay in
completing a significant SVOD agreement.
Viacom said that the domestic performance of the latest Teenage Mutant
Ninja Turtles release was disappointing, but the company has a strong
slate in the months ahead and looks forward to improvement at Paramount.
The company also previously expected to complete a significant SVOD
agreement in the quarter, but said the recent and highly public
governance controversy negatively impacted the timing and its ability to
achieve an optimal outcome with partners.
Viacom said that it expects domestic ad sales declines for the third
quarter to be approximately 4%. The company also said it has
substantially completed a very successful annual advertising upfront
Viacom will provide additional information regarding its third quarter
results and business outlook during its regular quarterly conference
call on August 4, 2016, following the release of its earnings
Viacom is home to premier global media brands
that create compelling television programs, motion pictures, short-form
content, apps, games, consumer products, social media experiences, and
other entertainment content for audiences in 180 countries. Viacom's
media networks, including Nickelodeon, Comedy Central, MTV, VH1, Spike,
BET, CMT, TV Land, Nick at Nite, Nick Jr., Channel 5 (UK), Logo,
Nicktoons, TeenNick and Paramount Channel, reach over 3.5 billion
cumulative television subscribers worldwide. Paramount Pictures is a
major global producer and distributor of filmed entertainment.
For more information about Viacom and its businesses, visit www.viacom.com.
Keep up with Viacom news by following Viacom's blog at blog.viacom.com
and Twitter feed at www.twitter.com/viacom.
Cautionary Statement Concerning Forward-Looking Statements
This news release contains both historical and forward-looking
statements. All statements that are not statements of historical fact
are, or may be deemed to be, forward-looking statements. Forward-looking
statements reflect our current expectations concerning future results,
objectives, plans and goals, and involve known and unknown risks,
uncertainties and other factors that are difficult to predict and which
may cause future results, performance or achievements to differ. These
risks, uncertainties and other factors include, among others: the effect
on the company's business and share prices of actions taken in the name
of its controlling stockholder that affect control of the company and
limit the authority of its board of directors; the public acceptance of
our brands, programs, motion pictures and other entertainment content on
the various platforms on which they are distributed; the impact of
inadequate audience measurement on our program ratings, advertising
revenues and affiliate fees; technological developments and their effect
in our markets and on consumer behavior; competition for content,
audiences, advertising and distribution; the impact of piracy; economic
fluctuations in advertising and retail markets, and economic conditions
generally; fluctuations in our results due to the timing, mix, number
and availability of our motion pictures and other programming; the
potential for loss of carriage or other reduction in the distribution of
our content; changes in the Federal communications or other laws and
regulations; evolving cybersecurity and similar risks; other domestic
and global economic, business, competitive and/or regulatory factors
affecting our businesses generally; and other factors described in our
news releases and filings with the Securities and Exchange Commission,
including but not limited to our 2015 Annual Report on Form 10-K and
reports on Form 10-Q and Form 8-K. The forward-looking statements
included in this document are made only as of the date of this document,
and we do not have any obligation to publicly update any forward-looking
statements to reflect subsequent events or circumstances. If applicable,
reconciliations for any non-GAAP financial information contained in this
news release are included in this news release or available on our
website at http://www.viacom.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160617005255/en/
Jeremy Zweig, 212-846-7503
Source: Viacom Inc.
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