Revenue for media networks, which include Comedy Central and Nickelodeon, sank 3 percent to $2.51 billion.
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Total revenue rose to $3.11 billion from $3.06 billion.
The net profit attributable to Viacom fell to $432 million, or $1.09 per share, from $591 million, or $1.47 per share, a year earlier.
Viacom shares are up in pre market trading after it reported June quarter financials that exceeded the expectations that it lowered after Teenage Mutant Ninja Turtles: Out Of The Shadows plodded out of the gate. Redstone, 93, is also trying to fire Dauman from the board of National Amusement Inc., the family company that holds 80 percent of Viacom voting stock, and from a trust that will one day oversee the businesses. Domestic advertising sales fell 4% despite pricing increases as ratings at some of its networks were “softer”, the company said. He said the company continued to work on its strategic plan of increasing spending on producing original content and ramping up its data-driven advertising products. Absent an adverse 6% impact of foreign exchange, global advertising revenues increased 19%.
Viacom had previously warned that its profit would be down for the quarter, offering guidance that it would earn up to $1.05 per share. Box office revenue more than tripled from a year ago to $91 million due to the June release of Teenage Mutant Ninja Turtles: Out of the Shadows.
Quarterly operating income declined 29% to $769 million.
And at the Paramount-led Filmed Entertainment operations, revenues were up 30% to $621 million while operations lost $26 million, down from last year’s $48 million gain.
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In addition, license fees grew 39 percent to $297 million on the strength of licensing deals for subscription video-on-demand services and revenue from Paramount Television productions. Media Networks adjusted operating income decreased 22% to $872 million, reflecting revenue declines as well as an increase in programming and marketing expenses.
