Revenues of $6.61 billion beat the Zacks Consensus Estimate by 0.4% and increased 13% year over year.
Adjusted OIBDA decreased 3% from the year-ago quarter’s level to $1.02 billion.
Selling, general and administrative expenses increased 15.3% year over year to $1.53 billion.
Revenues by Type
Advertising revenues of $1.86 billion inched up 1% year over year, driven by an improved advertising market.
Affiliate revenues of $2.1 billion climbed 2% year over year, reflecting expanded distribution and higher reverse compensation.
Global streaming & digital video revenues surged 62% year over year to $1.08 billion, driven by 79% growth in streaming subscription revenues and 48% streaming advertising revenue growth.
Global streaming subscribers touched 47 million, adding 4.3 million subscribers in the reported quarter.
Theatrical revenues logged $67 million in the reported quarter compared with the year-ago quarter’s $6 million. Content-licensing revenues of $1.51 billion increased 18% year over year.
ViacomCBS’ TV Entertainment revenues increased 24% year over year to $2.92 billion, driven by higher licensing, streaming and affiliate revenues.
TV Entertainment’s adjusted OIBDA decreased 21% from the year-ago quarter’s figure to $271 million due to increased investment in Paramount+ streaming services.
Cable Networks revenues increased 13% year over year to $3.46 billion, driven by higher streaming, advertising, affiliate and licensing revenues.
Cable Networks’ adjusted OIBDA increased 5% from the year-ago quarter’s reading to $906 million, driven by robust top-line growth.
Filmed Entertainment revenues dipped 2% year over year to $580 million, primarily due to lower licensing revenues.
Licensing and other revenues decreased 12% year over year due to lower volume of programming produced for third parties.
Adjusted OIBDA was $38 million, down 30% year over year.
As of Sep 30, 2021, ViacomCBS had cash and cash equivalents of $4.8 billion compared with $5.37 billion as of Jun 30, 2021.
ViacomCBS committed $3.5 billion revolving credit facility remains undrawn.
Total debt as of Sep 30, 2021 was $17.71 billion compared with $17 billion as of Jun 30, 2021.