Viacom: revenue growth of just 1% despite 'Bumblebee'

(CercleFinance.com) - Viacom said revenue rose just 1% in the past quarter, despite double-digit topline growth at its filmed entertainment unit, Paramount Pictures.


Viacom's revenue for its fiscal first quarter, ended December 31, rose to 3.09 billion dollars from 3.07 billion a year earlier.

At the company's media networks division, which includes cable networks MTV and Comedy Central, revenue fell 2% to 2.5 billion dollars, mainly due to lower advertising and consumer products, recreation and live events revenues.

Revenue at Viacom's filmed entertainment business, which includes Paramount Pictures and Paramount Television, jumped by 14% to 621 million dollars in the first quarter.

The jump was largely thanks to the performance of "Bumblebee" from the Transformers franchise, which has grossed over 450 million dollars at the global box office to date.

In its statement, Viacom said it was aiming to return to topline growth in 2019.

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