NEW YORK (
) -- Though
Transformers: Revenge of the Fallen
were certifiable summer blockbusters, they weren't enough to help media-giant
stave off an overall 14% decline in revenues during the second quarter.
According to the company's press release, Viacom's total revenues fell to $3.30 billion as down advertising and slower sales off video games and at the box office hit the company during the quarter. In the second quarter of 2008, the company -- home to well-known media brands like Paramount Pictures, MTV and Nickelodeon, among others -- posted $3.86 billion.
Viacom's profit also fell to $277 million, or 46 cents a share, which is well off the $407 million, or 65 cents a share, posted in the year-earlier period. After excluding severance charges, the company reported adjusted earnings per share at 49 cents.
On average, a group of analysts surveyed by Thomson Reuters expected the company to post EPS at 48 cents along with revenues of $3.5 billion.
The company's media network segment reported an 8% revenue drop, thanks largely to lower sales of its
video game and the ever-familiar drop in ads. Still, domestic advertising revenues ticked upwards a bit sequentially.
Viacom's filmed entertainment unit saw a 22% sales decline, led by a drop in theatrical revenues as its two 2009 summer blockbusters couldn't keep pace with last year summer's offerings
Indiana Jones and the Kingdom of the Crystal Skull
"While the global economy continued to be a challenge in the second quarter, the diversity of our revenue streams, sequential improvement in our domestic advertising sales, our generation of cash and our operational discipline all helped to temper the short-term impact," Viacom President and CEO Philippe Dauman said in a press release.
--Reported by Sung Moss in New York.
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