Viacom 1Q Revenue Falls, Announces Deal with Snapchat
- 8 years ago
Viacom's fiscal first-quarter profit met expectations, but revenue slipped on softness in its film and cable divisions.
The owner of Nickelodeon, MTV, Comedy Central and Paramount Pictures also announced a deal with Snapchat.
Shares dropped about 11 percent in Tuesday morning trading.
Viacom's financial results come less than a week after the company announced that Sumner Redstone was stepping down as its executive chairman.
He was replaced in the role by CEO Philippe Dauman.
The deal with Snapchat includes a Comedy Central International channel and an MTV Channel in the U.S., which are viewed as complements to the existing Comedy Central and MTV International Discover channels.
Viacom also has the right to sell Snapchat's US.
owned and operated advertising inventory.
The owner of Nickelodeon, MTV, Comedy Central and Paramount Pictures also announced a deal with Snapchat.
Shares dropped about 11 percent in Tuesday morning trading.
Viacom's financial results come less than a week after the company announced that Sumner Redstone was stepping down as its executive chairman.
He was replaced in the role by CEO Philippe Dauman.
The deal with Snapchat includes a Comedy Central International channel and an MTV Channel in the U.S., which are viewed as complements to the existing Comedy Central and MTV International Discover channels.
Viacom also has the right to sell Snapchat's US.
owned and operated advertising inventory.