ViacomCBS said its second quarter net income tumbled amid declines in advertising revenue at its cable and broadcast outlets, the latest sign of the toll the coronavirus pandemic has taken on the o…
said its second quarter net income tumbled amid declines in advertising revenue at its cable and broadcast outlets, the latest sign of the toll the coronavirus pandemic has taken on the operations of U.S. media companies.
Revenue fell 12% to $6.28 billion, compared with $7.14 billion in the year-earlier period. Advertising revenue fell 27%, the company said, to $1.93 billion, compared with nearly $2.65 billion in the year-earlier period. “Despite the impact of COVID-19 on revenue in the quarter, we’re successfully managing through the effects of the pandemic, reaffirming the strength of our combined operations,” said, ViacomCBS’ CEO, in a statement. ViacomCBS remains “on track,” it said, to relaunch its streaming-video assets as a new collective “super service” in 2021.
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