Viacom profit beats on cost cuts, success of 'Bumblebee' [Reuters]
Via Renewables, Inc. - Class A (VIA)
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Source: Reuters
Viacom profit beats on cost cuts, success of 'Bumblebee' (Reuters) - Media company Viacom Inc beat quarterly profit estimates on Friday, as costs fell and its Paramount Pictures division gained from the success of its movies “Bumblebee” and “What Men Want”. The Transformers movie spin-off “Bumblebee” has so far raked in more than $467 million globally, according to Box Office Mojo, while romantic comedy “What Men Want” has earned more than $72 million. Since taking the helm in 2016, Chief Executive Officer Bob Bakish has focused on Paramount Pictures and the company’s cable business, which like its sister company CBS Corp, has been facing competition from Netflix Inc and Amazon.com Inc’s Prime video. “Paramount CEO...has done a commendable job thus far in righting the ship, and view the move into production as a positive given the voracious demand for content by networks and streaming platforms,” Cowen and Co analysts said. However, revenue at the unit that houses Paramount Picture
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