Viacom Home Entertainment Down 43%31 Jan, 2013 By: Chris Tribbey
Paramount parent Viacom reported both lower revenue and profit for the fiscal first quarter of 2013 (ended Dec. 31), pointing specifically to a drop in filmed entertainment revenues.
Revenue for the media company was $3.3 billion, down 16% from the $3.9 billion Viacom reported during the same quarter in fiscal 2012. Quarterly profit was $461 million, down 22% from the $591 million the company reported during the comparable quarter.
Overall filmed entertainment revenue was down 37% to $975 million, compared with $1.56 billion from the same quarter in fiscal 2012. Worldwide home entertainment revenue was down 43% to $341 million (compared with $598 million), with Viacom pointing to fewer releases in the December quarter compared with the fiscal first quarter of 2012.
“Paramount is well positioned for the future, with several upcoming tent-pole releases, including G.I. Joe: Retaliation, Pain & Gain, Star Trek Into Darkness and World War Z,” Viacom president and CEO Philippe Dauman said in a statement. “In addition, we are working closely with existing distribution partners and new digital distributors to continue to launch robust and consumer-friendly content experiences.”