Time to tune in to the media sector? Well, winds of change seem to be taking place.
On the Closing Bell, Viacom CEO Philippe Dauman told Maria the U.S. advertising market is improving. Dauman says Viacom’s networks have sold most of their advanced spots at prices and volumes that please him.
That news comes at a good time.
Today, the company said second-quarter profitdropped 32%. Sales fell 14% to $3.3B in the quarter, missing the $3.44B target on the Street.
On the cable front, Dauman told Maria the cable networks remain a ‘jewel.’ The group of channels, which include MTV, BET, Spike and Nickelodeon, offer multiple revenue streams, ad sales and merchandise opportunities.
Globally, Dauman says China remains a tough market while the company says Europe remains its most important international market.
Viacom is also making moves with its new pay-TV movie channel Epix. It competes with HBO and Showtime. Dauman told Maria the unit has signed its first distribution deal with VerizonCommunications.
Signs of stability in media? Looks like it.
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