Goldman: Deteriorating Ad Market Will Slam Viacom

Goldman reiterated its prediction that an ad recession will slam major media companies like Viacom (VIAB) in Q2:

…we remain concerned about the overall macro environment and believe recent reports of weakness in the local ad market portend an eventual deterioration at the national level, which should pressure cable nets advertising revenue and Viacom shares.

Goldman’s Viacom estimates are below the Street’s, with Q1 revenue, EBITDA, and EPS set at $2.9 billion, $654 million, and $0.39 versus consensus of $3.0 billion, $668 million, and $0.41.

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