The film studio posted operating income of $44M during the quarter, up from $9M in the prior year quarter. Domestic theatrical revenues were up 58%, thanks in part to the John Krasinski and Emily Blunt-fronted horror flick, and Book Club, helping overall domestic revenues up 20% to $464M. However, revenues across the group decreased 9% to $772M as a result of a 33% decrease in international revenues to $308M.
A Quiet Place has grossed more than $188 million domestically to date, making it the second highest grossing horror film in the U.S. over the past decade. The film has so far earned more than $332 million at the worldwide box office at a production cost of approximately $20 million.
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Viacom, which owns MTV, Comedy Central and VH1, posted a 4% drop in revenues to $3.24B, but overall operating income was up marginally from $746M last year to $752M.
Media Networks revenues decreased 2% to $2.5B in the quarter, as a 17% increase in worldwide ancillary revenues to $158M was more than offset by a 4% decrease in worldwide advertising revenues to $1.19B and a 3% decrease in worldwide affiliate revenues to $1.15B. Domestic and international revenues each declined 2% in the quarter to $1.99 billion and $509 million, respectively.
Bob Bakish, President and Chief Executive Officer, said, “Viacom produced another quarter of strong progress, with clear evidence that our turnaround is delivering results and that our evolution into a truly global, multiplatform, brand- and IP- driven entertainment company is well underway. Paramount Pictures is revitalized, with outstanding box office performance and growing television production revenues driving substantial gains in profitability. Our Media Networks brands posted significant gains in both linear flagship share and digital consumption, in addition to sequential improvements in domestic affiliate revenue growth.
“In the quarter, Viacom concluded a strong advertising upfront that combined robust price increases, as well as improved packaging that included increased demand for our advanced marketing solutions. Additionally, we continued to diversify our business with growth in worldwide live event attendance and the expansion of a cross-company studio production initiative that leverages our sizable creative assets and global capabilities to drive incremental opportunities.
“This improvement in operating performance — combined with meaningful actions over the past 18 months to de-lever our balance sheet — have resulted in a stronger credit profile to help support Viacom’s return to long-term sustainable growth. We remain focused on building this momentum with an even stronger September quarter as we continue to position Viacom for the future.”
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