Viacom (VIA) isn’t impervious to the tanking ad market after all. The company turned in a robust a robust Q1 in a tough environment, but CEO Philippe Dauman told investors not to expect a repeat performance in Q2.
At a Sanford Bernstein & Co. investor conference Wednesday, he became the latest chief executive of a major media company to admit that softness in the national ad market is taking a toll on the business. He said ad sales growth will be 3% to 4% in Viacom’s June quarter, compared to 7% growth in the March quarter. Dauman:
“We are seeing some signs of softness in some categories,” including automotive. “We are in an economically uncertain environment.”