Viacom: The cinema production and distribution division grew 14.2%

Viacom presented the results of its first fiscal quarter, that highlights the growth of the cinema production and distribution division in 14.2%, which represents around US$621 million. Launches such as Instant Family and Bumblebee boosted the division, according to Viacom.

“Thanks to the execution of our strategic priorities, we have achieved solid financial and operational results in an additional quarter,” expressed Bob Bakish, CEO of Viacom.

They also highlighted the acquisition of Pluto TV, closed in January for US$340 million, which, they state, will create a direct offer for the consumer and will expand Viacom´s opportunities regarding distribution and advertising. “With this boost, we are progressing towards a return to the growth of the production line in 2019, as Viacom continues evolving for the future.” Likewise, he mentioned that they are preparing a new list of contents for Nickelodeon and new programming for MTV.

In general, there was a 40.2% drop in the company´s net benefits, with respect to the same period in the same period the previous year, with a 2.4% drop in the media division (television and Internet business). Total expenses of the company also increased by 5.6%, thanks to restructuring costs, valued in US$71 million.