International drives Q1 beat
Revenues were light at -8% (cons. -5%) on much lower than forecast Film results (-28% vs. -16% cons) but operating income was ahead at -4% (cons. -6%) as Film was broadly in line but Media Networks was better (at -7% vs. -9%). The Media Networks beat appears to have come from international where advertising ex FX was up 17% (est. 8%) with organic growth ahead (+7% vs. +3% est.) as well as a higher than expected contribution from the Telefe acquisition (+10% vs. +5% est.). International affiliate fees were also ahead at +13% (est. +6%). As a result, EPS came in at $1.03 vs. the $0.93 consensus.Viacom provides entertainment through television, film, digital media, live events, merchandise and solutions. The company operates through two segments: Media Networks, which provides entertainment content, services and related branded products for consumers in targeted demographics attractive to advertisers, content distributors and retailers through its media brands including Nickelodeon, MTV, BET, Comedy Central and Paramount Network; and Filmed Entertainment, which develops, produces, finances, acquires and distributes films, television programming and other entertainment content through its Paramount Pictures, Paramount Players, Paramount Animation and Paramount Television divisions.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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