ViacomCBS cracked the $1 billion mark in streaming revenue in the third quarter, but overall results were more mixed, with total revenue rising 13% to $6.6 billion and earnings per share declining …
revenue in the third quarter, but overall results were more mixed, with total revenue rising 13% to $6.6 billion and earnings per share declining to 69 cents.
The revenue number just slipped past Wall Street analysts’ expectations, while the earnings tally, down from 92 cents in the same period of 2020, came up just short of analysts’ consensus. Streaming revenue jumped 62% from a year ago, reaching almost $1.1 billion, with overall subscriptions increasing 4.3 million around the world to hit 47 million. Earlier this year, the company rebranded and expanded CBS All Access as Paramount+. Along with third-quarter financials, the company also announced a deal with T-Mobile offering postpaid customers of the wireless provider with one year of Paramount+ at no extra charge.
Advertising inched up 1%, with the company citing a dip in political spending compared with the 2020 period. Cable network ad revenue gained 6%. Free, ad-supported streaming outlet Pluto TV continued to be a mainstay, with revenue up 99% and monthly active users rising to 54 million, paced by global expansion.Paw Patrol: The Movie. Licensing and other revenue decreased 12% year-over-year due to lower volume of programming produced for third parties.
Next month will mark the two-year anniversary of the closing of the merger of Viacom and CBS, who share a common controlling shareholder in Shari Redstone’s National Amusements. The long-anticipated merger has been viewed as an initial step, with the company considered a prime candidate for an additional consolidation move.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Discovery Hits 20M Streaming Subscribers In Q3Discovery ended the September quarter with 20 million DTC subscribers, up 3 million from the prior quarter in June. Total revenue of $3.15 billion was up 23%. Of that, U.S. ad revenues increased 5%…
Read more »
Nexstar Media Group Posts Solid Q3 Results As Core Advertising Gains Offset 2020 Political WindfallTop U.S. local TV station owner Nexstar Media Group reported solid third-quarter results, with distribution and core advertising gains offsetting record 2020 political ad spending. The company&821…
Read more »
U.S. Government Files Antitrust Suit to Block ViacomCBS’ Sale of Simon & SchusterThe government alleges that the $2 billion deal would give buyer 'Penguin Random House outsized influence over who and what is published.'
Read more »
Univision Ad Revenue Jumps 32.5 PercentThe Spanish-language media giant, led by CEO Wade Davis, reported its third-quarter results.
Read more »
San Francisco sees replacement glass shortage for victims of car break-ins: reportCar owners in San Francisco who were victims of smash-and-grab car break-ins say it's been challenging to find replacement glass due to a shortage-- and when they do, they're hit with the price tag, according to a report.
Read more »
Fed is in denial about 'persistent' inflation, Wall Street forecaster Jim Bianco warnsJim Bianco, who runs Bianco Research, expects inflation's intensity to catch up with central bank policymakers worldwide, including the Federal Reserve.
Read more »