As the drumbeat grew louder for a long-awaited merger with CBS
reported third-quarter earnings that beat market expectations.
Earnings per share came in at $1.20 on Thursday, beating the consensus estimate from analysts of $1.07, while revenue of $3.36 billion beat the estimate of $3.33B.
Domestic advertising grew for the first time in five years, increasing by 6% over the prior-year quarter to $976 million. That’s a major milestone for the once-beleaguered company, whose deteriorating ad picture defined the latter years of Philippe Dauman’s tenure as CEO. Bob Bakish
succeeded him in 2016.
Despite the uptick in advertising, Media Networks
managed to increase revenue by just 1%, to $2 billion, as international and consumer products lagged.
Growth at Paramount Pictures
, with operating income increasing $41M year-on-year, also helped the results as its TV production engine continued to hum. Theatrical films including Rocketman
and the modestly budgeted Crawl were standouts in the period. Paramount TV