In some ways, Viacom's fourth-quarter results, filed today (Thursday), resembled the box-office results last weekend for Hansel and Gretel: Witch Hunters, produced by the company's Paramount Studios. The movie opened in first place with nearly $20 million -- but analysts were quick to point out that the film cost $50 million to produce and that it most likely will not be profitable. Similarly, in today's SEC filing, Viacom posted net profits of $470, more than twice the $212 million that it reported for the same quarter a year earlier. But the earlier period included a write-down of $379 million paid out as part of the settlement of a dispute with its onetime videogame division, Harmonix Music Systems, producers of the popular Rock Band title. Adjusted for that payout, net earnings were actually down 22 percent. Indeed, there was little in Viacom's filing to cheer investors. Paramount took the biggest hit as revenue from theatrical and home-video releases dropped 37 percent, resulting in a loss for the quarter of $139 million. With nothing approaching the success of 2011's Mission: Impossible -- Ghost Protocol at the box office and fewer releases overall during the quarter, theatrical revenue plunged 43 percent. Likewise, ratings continued to slip at its cable networks, principally MTV and Nickelodeon, resulting in lower ad rates to advertisers. However those lower rates were partially offset by higher fees the company was able to extract from cable providers. Investors had anticipated the soft quarter and in fact the results narrowly beat analysts' forecasts. At midday trading on the NYSE, Viacom shares were virtually unchanged.
On the same day that Glastonbury welcomed back Margate's adopted sons, The Libertines, Margate itself put on it's very own Leisure Festival as it...
Sheffield's very own all girl group Pretty Fierce are still on a high after the recent release of their debut single - 'Ready For Me'.
Three nights before the end of his current tour Will Varley returned to his home town of Deal to delight a sold out crowd in The Astor Theatre.
With only a few days to go before Portsmouth based songstress and producer WYSE releases her new single, 'Belladonna', we caught up with her to find...
Colorado raised, Glasgow educated and Manchester based Bay Bryan is nothing if not a multi-talented, multi-faceted artist performing as both...
Former Marigolds band member Keelan Cunningham has rediscovered his love of music with his new solo project Keelan X.
Wiltshire singer-songwriter Luke De Sciscio, formally known as Folk Boy, is set to release is latest album - 'The Banquet' via AntiFragile Music on...
Electronic music pioneer and producer Annie Elise says that the release of her first EP - 'Breathe In, Breathe Out' feels "both vulnerable and...