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Viacom reports 3.7 percent drop in quarterly revenue

Viacom reports 3.7 percent drop in quarterly revenue
The Viacom office is seen in Hollywood, Los Angeles, California, April 24, 2018. REUTERS/Lucy Nicholson   -   Copyright  LUCY NICHOLSON(Reuters)
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(Reuters) – Media company Viacom Inc <VIAB.O> reported a 3.7 percent fall in quarterly revenue on Thursday due to a drop in domestic advertising sales and fees it collects from cable TV operators.

Net income attributable to Viacom, which is exploring a merger with CBS Corp <CBS.N>, fell to $522 million (405.6 million pounds), or $1.29 per share, in the third quarter ended June 30, from $683 million (530.6 million pounds), or $1.70 per share, a year earlier.

Total revenue fell to $3.24 billion (2.5 billion pounds) from $3.36 billion (2.6 billion pounds).

(Reporting by Arjun Panchadar in Bengaluru; Editing by Sriraj Kalluvila)

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