Viacom Posts Loss After Restructuring Charge

Ad Revenue Down 5% at Domestic Cable Networks
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Viacom reported a loss in the second quarter as the media company took a huge restructuring charge.

The charge was $784 million dollars. The company said it expects to save $350 million annually because of the restructuring.

The loss, in the quarter which ended March 31, was $53 million, compared to net income of $502 million a year ago. Adjusting for the charge, net income was down 3% to $467 million. Adjusted earnings per share were up 7% to $1.16 from $1.08 because of stock buybacks over the year.

Read more at Broadcastingcable.com.

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