Viacom Analyst Keeps “Buy” Rating But Slashes Price Target, 2019 Estimates
Veteran media analyst Barton Crockett of B. Riley FBR is maintaining his “buy” rating on Viacom’s stock, but has slashed his 12-month price target to $30 from $39 and lowered his earnings estimates.
The primary motivation for the reductions is Crockett’s revised forecast for Paramount Pictures, which calls for a likely “movie ebb” in 2019. Also, while he considers a merger between Viacom and CBS “decidedly likely” by 2020, a reunion isn’t apt to spark a wider takeover… Read
Viacom CEO Bob Bakish Concedes “Some Softness” At Nickelodeon: “We Are Actively Working On It”
While Viacom’s fourth-quarter earnings showed some positive signs, edging Wall Street’s estimates and delivering evidence of a turnaround at Paramount, CEO Bob Bakish conceded Nickelodeon has shown “some softness.”
As evidenced by the recent leadership change that saw Brian Robbins succeed Cyma Zarghami as head of Nickelodeon, “we are actively working on it,” Bakish said during a conference call with analysts.
The flagship network, along with MTV, BET, Comedy Central and… Read
Viacom Beats Wall Street Estimates With Q4 Paced By Paramount
Viacom put an exclamation mark on earnings season and its fiscal year with fourth-quarter results that beat Wall Street estimates and proved a turnaround at Paramount Pictures. Media networks, however, offered a less rosy snapshot of the company’s progress.
Earnings per share declined 43% from the year-ago period but came in at 96 cents, a penny ahead of estimates. Revenue increased 5% to just shy of $3.5 billion, ahead of analysts’ projection of $3.37 billion.
Cinedigm Losses Narrow In Q2 As OTT Channel Revenue Jumps 23%
Cinedigm, the former specialist in cinema gear now pivoting to OTT technology, reported second-quarter results with narrower losses and a 23% jump from its streaming channels business.
In the fiscal 2019 period ending September 30, the company’s net loss of $3.6 million, or 9 cents per share, marked an improvement from the year-earlier loss of 60 cents a share.
The top line reflected the strategic change of direction by the Chinese-owned company. Total revenue of $13.7… Read
TV Bundle Fraying As Univision Calls Dish Outage “Likely Permanent,” But CEO Sees Subscriber Trend Upside
Describing Dish Network’s negotiating approach as “bizarre,” Univision CEO Vince Sadusky said the Hispanic media giant’s carriage dispute with the major satellite operator is “likely permanent.”
While the executive has issued previous warnings in the same vein, his comments during Univision’s third-quarter earnings call with Wall Street analysts suggested a new chapter in the cord-cutting era. Carriage disputes have become rampant as the pay-TV bundle shows the strain of… Read
Univision’s Dish Dispute Hits Q3 Results, Sending Revenue Down 17%
Univision’s ongoing carriage dispute with Dish Network hit the privately held company’s third-quarter results hard, with total revenue falling 17% and operating income off 34%.
Revenue came in at $628.2 million for the period ending September 30, compared with $759.4 million in the same quarter a year earlier.
Income from continuing operations plummeted to $12.4 million from $109.6 million, and adjusted operating income dropped 34% to $231 million.
“Third quarter… Read
AMC Shares Plunge 14% On Uneven Q3 Report, Ominous MoviePass Vibes
Shares in AMC Entertainment plunged nearly 14% today as investors digested a mixed third-quarter report and fretted about the company following MoviePass down the path of subscription moviegoing.
The No. 1 exhibitor’s stock has now fallen more than 25% from its 52-week high in mid-September, closing today at $15.66 on triple its normal trading volume despite positive momentum for U.S. box office of late. After yesterday’s close, AMC reported third-quarter revenue of $1.22… Read
Tribune Media Beats Wall Street’s Q3 Estimates As Sinclair Case Grinds On
Tribune Media, which was left at the altar last summer when the $3.9 billion acquisition of the company by Sinclair Broadcast Group fell through, posted strong third-quarter results.
The aftermath of the failed merger did not take up a lot of the conference call with analysts to discuss the quarterly results, but the company did say it is not considering a settlement of its $1 billion lawsuit against Sinclair.
“We feel really strongly about our breach case against… Read
Lionsgate Mulls ‘Orange Is The New Black’ Sequel
Lionsgate TV is mulling a potential sequel to Orange Is the New Black, the Emmy-award winning prison series that concludes its Netflix run with the upcoming seventh season.
Lionsgate Television Group Chairman Kevin Beggs told reporters Thursday that the studio is evaluating ways to continue the series, created by Jenji Kohan.
“We’re already in discussions and, when the timing is right, we’ll talk further with Jenji about a potential sequel,” Beggs said during today’s… Read
Disney Takes $157 Million Write-Down On Vice Media
The Walt Disney Co. took a $157 million write-down on its investment in Vice Media, the millennial-focused media company that is undergoing a restructuring.
Disney invested a total of $400 million in Vice three years ago. It was one of several established media companies — together with 21st Century Fox and WarnerMedia’s HBO — to take a stake in the edgy media company that played up its appeal with male hipsters.
Vice’s fortunes have dramatically changed since those days… Read
Disney Beats Revenue, Earnings Forecasts Thanks To ‘Incredibles 2’ & Film Unit; Investors Await Fox Plan Details – Update
UPDATED with comments from earnings call, after-hours trading. The Walt Disney Co. beat Wall Street’s earnings and revenue forecasts for its fourth quarter, thanks to a strong performance by the film studio.
The company reported adjusted per-share earnings of $1.48, topping analysts forecasts of $1.34 for the fiscal fourth quarter. It booked record revenues of $14.3 billion, exceeding Wall Street’s projections of $13.73 billion.
Investors sparked to the results, sending… Read
Lionsgate Beats Q2 Forecasts For Revenue, Sees Profit Hit By Legal Fees; Starz Cracks 25M Subscriber Barrier
Lionsgate exceeded Wall Street forecasts for revenue in its fiscal second quarter, racking up $901 million, but saw profits hurt by charges related to shareholder litigation.
On an adjusted diluted basis, earnings per share came in at 22 cents, which was also better than Wall Street estimates. But a net loss in the period, minus the adjustment, included $114.1 million in charges related to shareholder litigation settlements, with $54.8 million being a previously disclosed… Read