Viacom’s Rebound Continues with Strong End to FY18; U.S. Affiliate Fee Growth Stabilized for Now
Viacom ended fiscal 2018 on a strong note, as revenue for the final fiscal quarter of the year beat consensus projections and EBITDA came in line with Street estimates. Management’s restructuring plan appears to be working, but we remain concerned about the long-term affiliate revenue growth. We believe Viacom still faces challenges in gaining carriage at the OTT pay TV operators for a number of its smaller channels. We are maintaining our narrow moat rating and raising our fair value estimate t...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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