Paramount this week releases the "Teenage Mutant Ninja Turtles" movie, which comes on the heels of the studio's summer blockbuster, "
However, the two films did not arrive in theaters in time to boost parent company Viacom's lackluster fiscal-third-quarter earnings.
The media company's profit dropped 5.1% to $611 million during the April-through-June quarter. Cost-cutting helped: Earnings of $1.40 a share compared with $1.31 a share in the previous year period.
Viacom revenue fell 7% to $3.42 billion for the quarter.
The company, controlled by
Viacom's all-important cable TV networks, including
Media networks generated revenue of $2.6 billion during the quarter, an increase of 1%. Operating income for the TV networks slipped 3% to $1.1 billion. Television ad revenue, while up 1% domestically, was weaker than analysts had been expecting.
But the real stinker was Paramount.
The Los Angeles-based movie studio simply has too thin of a film slate to be a reliable profit engine for the media company.
Paramount generated $856 million in revenue, a 26% decline from the year-earlier period. Box-office revenue plummeted 43% to $264 million. Home entertainment revenue tumbled 24% to $209 million.
The current quarter should see an improved picture for Paramount. The studio released
"The big miss came from the less important film segment, while [TV] networks was actually ahead of consensus, but below our estimate due to softer domestic advertising," Wells Fargo Securities media analyst Marci Ryvicker said in a research note Wednesday.
Still, Viacom's management was upbeat.
"We see a lot of opportunity at Viacom," Chief Executive