Q1 revenues were down 4% at Viacom to $2.77 billion, with a drop in movie revenues more than offsetting gains in advertising and fees. Operating income, though, was up 21% to $534 million.
“Viacom is off to an excellent start this year, delivering a strong performance, including outstanding bottom-line results. As the economy continues to strengthen, Viacom’s operational and financial discipline and fervent focus on content should continue to produce increasingly significant benefits across all of our businesses,” declared Executive Chairman Sumner Redstone.
In his conference call with analysts, Viacom CEO Philippe Dauman was upbeat, declaring that the Upfront “will be a happier time for sellers” than a year ago.
The Media Networks division reported that Q1 revenues rose 4% to $1.94 billion. Domestic ad revenues were up 1%, fueled by a strengthening scatter market. Operating income for the division was up 9% to $684 million.
The Filmed Entertainment division saw revenues decline 18% to $886 million. Its operating loss, however, improved to $86 million from $123 million.