Viacom Falls After Reporting 3% Decline in Advertising Sales
This article is for subscribers only.
Viacom Inc. fell the most in two months after reporting fiscal first-quarter revenue below analysts’ estimates and a 3 percent decline in advertising sales at the cable-television unit that includes MTV and Nickelodeon.
The stock slumped 3.1 percent to $45.40 at 9:41 a.m. in New York before, after touching $45.18 for the biggest intraday decline since Dec. 1. Net income in the period ended Dec. 31 dropped 65 percent, hurt by costs of $383 million related to a dispute with the former shareholders of Harmonix, creator of the “Rock Band” video games, sold in 2010, the company said.