Viacom Media Revenues Grow 6%, Ad Sales Down 2%

Viacom CEO Phillipe Dauman says the company continues “to feel the macronomic effects” in its advertising business, due mainly to weakness in auto, beverage, and video game advertising. Fewer film releases also hurt.

Softness in the overall advertising market contributed to a 2% decrease in worldwide advertising revenues to $1.16 billion in the quarter. Domestic advertising revenues declined 3% due in part to ratings softness at certain channels.

Third quarter media networks revenue grew 6% over the same period last year. As a company, Viacom reported $3.4 billion in Q3 revenues, just beating estimates.

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