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Last $68.88 USD
Change Today -0.95 / -1.36%
Volume 2.4M
VIAB On Other Exchanges
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As of 8:10 PM 05/5/15 All times are local (Market data is delayed by at least 15 minutes).

viacom inc-class b (VIAB) Key Developments

Viacom, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 31, 2015; Expects Book Tax Rate for the Fiscal 2015

Viacom, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended March 31, 2015. For the quarter, the company's revenues were $3,078 million compared to $3,174 million a year ago. Operating income was $38 million compared to $872 million a year ago. Loss before provision for income taxes was $98 million compared to earnings before provision for income taxes of $727 million a year ago. Net loss attributable to the company was $53 million or $0.13 per diluted share compared to net earnings attributable to the company of $502 million or $1.13 per diluted share a year ago. Adjusted operating income was $822 million compared to $872 million a year ago. Adjusted pre-tax earnings were $686 million compared to $727 million a year ago. Adjusted net earnings attributable to the company was $467 million or $1.16 per diluted share compared to $482 million or $1.08 per diluted share a year ago. For the quarter, the company generated $598 million in free cash flow compared to $524 million free cash flow last year. The increase in free cash flow in the quarter was principally due to lower cash taxes, partially offset by higher working capital utilization. For the six months, the company's revenues were $6,422 million compared to $6,371 million a year ago. Operating income was $973 million compared to $1,832 million a year ago. Earnings before provision for income taxes was $692 million compared to $1,564 million a year ago. Net earnings attributable to the company $447 million or $1.09 per diluted share compared to $1,049 million or $2.33 per diluted share a year ago. Adjusted operating income was $1,781 million compared to $1,832 million a year ago. Adjusted pre-tax earnings were $1,500 million compared to $1,564 million a year ago. Adjusted net earnings attributable to the company was $1,005 million or $2.44 per diluted share compared to $1,029 million or $2.29 per diluted share a year ago. For 2015, the company now forecasting a book tax rate of 31.8%.

Viacom Unveils Viacom Vantage

Viacom announced Viacom Vantage, an innovative, data-driven ad product that enables advertisers to reach their custom targets at the program level across the Viacom Media Networks portfolio. This pioneering new approach transforms traditional media planning and offers advertisers more choice, more flexibility and increased accountability. Through a combination of enhanced consumer targeting and a deep understanding of how various audience segments consume content across platforms, Viacom Vantage predicts which content will perform the best for its clients across MTV, Comedy Central, VH1, Nickelodeon, CMT, Spike, TV Land and Logo. Developed in-house over a year ago, Viacom Vantage’s beta version was successfully piloted with a select group of national partners including Horizon Media. Viacom Vantage offered each of these clients deep data integrations, customized capabilities and took on operational and inventory management efforts to drive unique media plans and help set new industry standards.

Viacom Announces Reorganization Plans

Viacom said that it plans unspecified "workforce reductions" as part of a wide-ranging reorganization to help improvement of its financial performance in the face of increasing competition. Viacom said it was unveiling a "strategic realignment, including initiatives designed to promote greater cross-brand collaboration, focus on new growth areas, and improve operational efficiency and financial performance". Viacom will set aside $785 million for the reorganization to cover the costs of job cuts and writing down the value of "underperforming" assets. These changes will result in annualized savings of some $350 million. Viacom is reorganizing three of its domestic network groups into two new organizations, in a shift to realign sales, marketing, creative and support functions. The company is also reallocating resources "to expand its capabilities in critical business areas including data analysis, technology development and consumer insights, reflecting the rapidly changing media marketplace, shifting consumer behavior and evolving measurement practices". The new investment in technology could help Viacom compete with firms like Netflix, which gather vast amounts of data on viewing habits to help deliver programs most sought by consumers.

Viacom Seeks Acquisitions

Viacom, Inc. (NasdaqGS:VIAB) is looking for acquisitions. Viacom plans for strategic acquisitions in the current fiscal year to be up to approximately $400 million.

International Big Companies Could Snap Up TV3

International broadcasters and telecoms companies could be interested in acquiring TV3 Television Network Limited, which is expected to go on the block after receiving takeover approaches. The Sunday Business Post last week revealed that TV3 had received several unsolicited bids recently. TV3 could fetch up to €140 million, or more than two and a half times its annual revenue. Viacom, Inc. (NasdaqGS:VIAB) Liberty Global plc (NasdaqGS:LBTY.A) and Communicorp Corp. could be possible buyers of the broadcaster.

 

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Industry Analysis

VIAB

Industry Average

Valuation VIAB Industry Range
Price/Earnings 16.4x
Price/Sales 2.0x
Price/Book 12.0x
Price/Cash Flow 12.1x
TEV/Sales 0.8x
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