Revs Down 14% For Viacom
July 28, 2009 at 4:36 AM (PT)
VIACOM has reported financial results for the second quarter ended JUNE 30th, 2009.
Revenues for Q2 totaled $3.30 billion, a 14% decline from $3.86 billion in the second quarter of 2008. This decrease reflects lower revenues in both the Media Networks and Filmed Entertainment segments as weak economic conditions continued to impact certain business sectors. Operating income declined 26% to $586 million primarily as a result of lower year-over-year revenues, which more than offset a $352 million net reduction in expenses in the quarter.
Exec. Chairman SUMNER M. REDSTONE said, "As the leading pure-play content company, VIACOM has the right portfolio of assets and the right vision to manage through this challenging climate while we continue to position ourselves for future growth."
Pres./CEO PHILIPPE DAUMAN commented, "While the global economy continued to be a challenge in the second quarter, the diversity of our revenue streams, sequential improvement in our domestic advertising sales, our generation of cash and our operational discipline all helped to temper the short-term impact. As we look to a longer-term recovery, we continue to manage costs aggressively and make changes in the business that will better position VIACOM for growth. Importantly, our efforts to reinvigorate our cable networks' creative machine are generating positive results, with ratings trends improving across our key networks and record-breaking results for several of our tentpole events, including the MTV MOVIE AWARDS and BET AWARDS '09."