Viacom Says 3Q Profits Hurt by ‘Turtles,’ Ad Sales

Preliminary figures put earnings per share at $1 to $1.05
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Viacom said that a disappointing performance by the latest Teenage Mutant Ninja Turtles movie and lower ad sales will drop fiscal third-quarter earnings per share to the $1 to $1.05 range.

A year ago, the company earned $1.47 a share. Viacom's third quarter covers the April-June period.

Viacom is in the middle of a nasty battle for control between CEO Philippe Dauman and the Redstone family, which has 80% of the company’s voting stock.

Related: Viacom Directors Call Dauman Removal Invalid

The company said another factor in the financial performance was a delay in completing a significant agreement with a subscription video on demand outlet.

Viacom said it expects domestic ad sales to be down about 4% in the quarter. The company also said it has substantially completed what it called “a very successful annual advertising upfront sales process.”

Related: Analyst Eagan ‘Cautiously Optimistic' About Media

Viacom will release its earnings on Aug. 4 and provide additional financial information during its regular earnings call with analysts that day.

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