Viacom Inc. closed the books on a bruising fiscal year, reporting a 5% decline in fourth-quarter revenue due to lower cable TV advertising sales and a paltry film slate from Paramount Pictures.
The media company controlled by 92-year-old billionaire Sumner Redstone has been hard hit by fickle young viewers who are consuming more entertainment on digital platforms — viewing that is difficult to accurately measure.
Paramount Pictures’ meager movie slate, meanwhile, has been an Achilles’ heel for the company. For the quarter ended Sept. 30, film revenue plummeted 24% to $1.03 billion, compared to $1.4 billion in the year-earlier period.
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