ViacomCBS reported a loss in their first quarterly results since the merger of Viacom and CBS, disappointing investors
The merger reunited media mogul Sumner Redstone’s entertainment empire and brought Showtime networks and CBS News under the same roof as Nickelodeon, Comedy Central and Paramount movie studios.
Ahead of the launch of the service expected later this year, the company said domestic streaming and digital video business was already generating about $1.6 billion in annual revenue, up 60% compared to 2018. Unlike rivals, executives said they did not expect to boost spending on original programing for the service.
Excluding items, ViacomCBS’s earnings per share of 97 cents also missed expectations of $1.44, according to IBES.
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