Paramount's parent company Viacom Inc. (NYSE: VIA, VIA.B) has announced double-digit gains for the fiscal 2011 third quarter ended June 30, 2011. According to a report issued by the company, home entertainment revenues increased 33% to $331 million, though theatrical revenues were down 9% to $588 million.
However, Paramount's summer blockbuster
Transformers: Dark of the Moon was released in the final week of the fiscal 2011 third quarter. Naturally, the bulk of the revenue from the film's impressive box office performance will be added to the fiscal fourth quarter.
Sumner M. Redstone, Executive Chairman of Viacom, said, "I am very pleased with Viacom's outstanding results. Our strategic focus and consistent investment in creative content are continuing to drive our growth."
Philippe Dauman, President and Chief Executive Officer of Viacom, said, "The breadth of hit programming found across Viacom's media network portfolio continues to expand with top-rated shows and tentpole events on MTV, Nickelodeon, Comedy Central, BET and TV Land, as well as many of our international networks, all of which contributed to strong advertising growth and a robust advertising upfront performance. We are strengthening our global entertainment brands and expanding our reach through new international and digital distribution and bringing our audiences the content they want on new platforms.
"Paramount Pictures is the first studio ever to deliver a record six consecutive $100 million-plus domestic box office movies and it was the first studio to cross the $1 billion domestic box office threshold for the fifth year in a row.
"In addition to our creative and operational success, Viacom is in the best financial shape in its history and has furthered its commitment to return cash to our shareholders with the recent increase in our dividend and the acceleration of our stock buyback program."