Viacom Inc. said Friday that it will change its fiscal year end to Sept. 30 from Dec. 31, effective Sept. 30, 2010.
According to Viacom, the first 12-month fiscal year will run from Oct, 1, 2010 through Sept. 30 2011. Viacom will provide comparative financial information to assist in period-to-period comparisons
The move allows Viacom to better plan the year by going into the new fiscal year with upfront ad commitments under its belt. It also turns a big quarter, the fourth--its movie and DVD business are back-end loaded--into the first, which makes it easier to budget and plan, and for shareholders to gauge how the company is doing, according to Viacom.
In a statement, Viacom CEO Philippe Dauman said the change "will better align our financial reporting with the annual planning and budgeting process period as well as our annual planning and budgeting process with our business cycle, particularly the cable broadcast year."
Viacom is one of the few big media companies that still runs on a calendar year - Time Warner Inc. and Scripps Networks Interactive are among the others. News Corp.'s fiscal year ends on June 30 and The Walt Disney Co.'s fiscal year ends on Sept. 30.