NEW YORK: Viacom, the American media group, saw advertising revenues through its US cable channels decline by 3% in the fourth quarter of last year following cuts in spending by sectors including toy manufacturers and film makers.
Despite a 1% increase in its global revenues, Viacom's net profit in the final quarter of last year fell 69% to $454m (€356m; £318m).
Revenues at MTV and Nickelodeon rose by 1.1%, but Tom Dooley, Viacom's cfo, warned the "ad market will get worse before it gets better."
Viacom's chairman, Sumner M Redstone also reported there had been "very substantial progress" in restructuring the $1.6bn debts of his holding company National Amusements – parent of Viacom and CBS – around half of which was due for repayment in December last year.
Having previously sold stock in Viacom and CBS to finance National Amusements' debt, Redstone declared: "I have been advised that an agreement acceptable to all parties is now within reach."
Data sourced from Financial Times/ Wall Street Journal; additional content by WARC staff