Fiscal 2010 will have only nine months at Viacom, as the company has decided to change its reporting calendar.
Viacom’s board of directors has authorized a change in its fiscal year end to September 30 from December 31. The change will be effective September 30, 2010. Viacom will report results for a nine-month transition period of January 1, 2010 through September 30, 2010. The first 12-month fiscal year will run from October 1, 2010 through September 30, 2011. Viacom said it will provide comparative financial information to assist in period-to-period comparisons.
“This change in fiscal year will better align our financial reporting period as well as our annual planning and budgeting process with our business cycle, particularly the cable broadcast year,” said Philippe Dauman, Viacom’s President and CEO.