Viacom Q1 Revenue Drops 7%

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Viacom reported a 9% drop in dometic ad revenue in the first quarter with worldwide ad sales down 11%. Net earnings for the first quarter were down 34%, to $177 million.

The company's media networks, which include the MTV Networks group of cable channels, reported operating income down 9%, from $694 million in the prior period to $629 million for the quarter to the end of March.

Overall at Viacom, operating income was down 22%, to $442 million. Revenue was down 7%, to $2.91 billion, on lower ad revenue and currency exchange values.

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