Viacom announced another film production deal with Netflix through its Nickelodeon kids division, fleshing out a strategy to produce more shows and movies for others as streaming video giants battle for viewers.
Nickelodeon will produce the films "The Loud House" and "Rise of the Teenage Mutant Ninja Turtles," which are based on its hit television franchises. The company hopes those films on other platforms will send viewers back to Viacom-owned networks.
The announcement, made on a morning conference call with Wall Street analysts, underscored the significance of its multi-pronged strategy, as it delivered a quarter when ticket sales of "Transformers" reboot "Bumblebee" helped it beat profit estimates but revenue fell slightly short of expectations on weaker ad sales at its cable networks.
As Netflix and other existing and upcoming streaming service providers from Walt Disney and AT&T's WarnerMedia will shake up the traditional U.S. cable industry, Viacom and sister company CBS are redoubling efforts to become original content resources for other distributors.
Both companies, controlled by National Amusements, are expected to rekindle merger talks in the coming months.
The latest production deal follows an earlier multi-picture deal with Netflix.
Viacom also played up its $340-million purchase of Pluto TV and said it had high hopes to build an international advertising-supported streaming TV service that will include programming from its archive. It will launch a Spanish-language version this year, Viacom chief executive Bob Bakish said.
"It will be the next step in the evolution of this company," Bakish told analysts.