Worries linger about Nickelodeon's ratings slump

Wall Street analysts peppered Viacom management Thursday with questions about the mysterious ratings slump at the company's premier children's television network Nickelodeon.

Nickelodeon's audience levels have fallen nearly 30% this season, prompting much speculation about the reasons behind the troubling drop. The issue is far from child's play. Nickelodeon is one of the most valuable channels in television as well as within the Viacom universe. 

Some analysts have theorized that the weak ratings could be attributed to shifts in viewing behavior. More children are watching Nickelodeon shows on demand through Netflix and Amazon.com digital streaming services, rather than watching the channel. 

Earlier this week, Time Warner Inc. Chief Executive Jeffrey Bewkes added his support to that theory, noting that his company's Cartoon Network, which competes with Nickelodeon, doesn't have that issue. In fact, Cartoon Network's ratings were up 14%.

 "We think part of the reason is that we don't have our programs sitting on an SVOD [subscription video-on-demand service] where parents can park their kids," Bewkes told analysts during Time Warner's earnings call Wednesday. "Obviously, that's taking some viewing away from some of the other animated channels."

Viacom executives pooh-poohed the theory.

"Netflix is present in less than a quarter of television households, and since we get the streaming data on our content, I can tell you that the time spent on Nickelodeon content on Netflix is approximately 2% of the time spent on our Nickelodeon channel," Viacom Chief Executive Philippe Dauman told analysts Thursday during his company's second-quarter earnings call.

"It would have a minimal impact here," Dauman said.

Instead, Viacom traces much of the ratings nosedive to a September change in the composition of the audience panel that Nielsen uses to derive its ratings. New participants in the Nielsen panel apparently watch less Nickelodeon than those they replaced.

Still, analysts are concerned.

"Nickelodeon has fallen to levels that you've never seen before," said one prominent analyst, Michael Nathanson of Nomura Securities, observed during Viacom's call. 

Nickelodeon's problems failed to dent investors' enthusiasm for Viacom's stock. The company's widely traded B-shares closed Thursday at $49.02 a share, up $1.59 a share.  Viacom reported a profit increase of 56% over the year-earlier period.  Revenue was up 2% to $3.33 billion.  

"We're going to focus on ways in which we can affect the Nickelodeon brand positively," Dauman told analysts before the opening bell. "Our pipeline is extremely strong. We're developing more new [episodes] of our popular series and more exciting new series. And of course, we're particularly excited about the revival of the [Teenage Ninja] Turtles franchise."

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Photo:  A scene from an older episode of "SpongeBob SquarePants." Credit:  Nickelodeon 

Viacom profit up 56%, boosted by higher cable fees

 
Viacom Inc.'s second-quarter profit soared 56%, thanks to higher fees from pay-television operators and lower expenses at the company's Paramount Pictures movie studio.

For the quarter ended March 31, Viacom earned $585 million, or $1.07 per share, up from $376 million, or 63 cents a share, in the same period in 2011. Revenue grew 2% to $3.33 billion.

"Across our divisions we sharpened our focus on execution and efficiency while continuing to invest in programming that connects with audiences worldwide," Viacom Chief Executive Philippe Dauman told analysts in a Thursday morning conference call.  "Distribution continues to be a strong and steady driver for Viacom."

The New York-based media company's earnings exceeded analysts' estimates while revenue was largely within expectations. The company, controlled by billionaire Sumner Redstone, also spent about $700 million during the quarter to repurchase 14.7 million shares.

The bulk of the company's earnings came from its Media Networks unit, which includes cable channels MTV, Nickelodeon, Comedy Central, BET, VH1 and TV Land.  Revenue generated by cable channels grew 5% to $2.2 billion, driven by an increase in affiliate fees paid by cable and satellite television operators.  Affiliate fee revenue was up 17%. 

Media networks' operating income climbed 11% to $893 million. Domestic advertising revenue inched up 1%, while foreign advertising revenue remained flat. 

"We are seeing encouraging signs of a strengthening ad market," Dauman noted.

At the Los Angeles-based Paramount Pictures, which is celebrating its 100th anniversary this year, revenue dropped 5% to $1.17 billion.  The company attributed the lower revenue to a "less widely distributed mix of releases during the quarter," which included the highly profitable "The Devil Inside" and DreamWorks Pictures'  Eddie Murphy vehicle, "A Thousand Words," which flopped.

Theatrical revenue was down 19% to $326 million for the quarter.  The division was helped during the quarter by carry-over receipts from "Mission Impossible: Ghost Protocol," with Tom Cruise, which was released in the previous quarter.

Operating income at the film studio nearly tripled to $115 million, up from $39 million in the year-earlier period. The company said the studio's higher margin came from lower distribution costs.

"We are being disciplined in managing our expenses," Chief Operating Officer Thomas Dooley told the analysts.  

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Photo:  Eddie Murphy plays a cad named Jack in the DreamWorks comedy "A Thousand Words," released during the first quarter by Paramount Pictures.   Credit: Bruce McBroom / DreamWorks Pictures

 

Sumner Redstone at Global Conference: "Take risks"

Sumner Redstone has a regret.

His father, Michael “Mickey” Redstone, didn’t live to see his son’s unqualified success in the business world. Sumner Redstone -- who controls two of the world’s preeminent media companies, Viacom Inc. and CBS Corp. -- has memories of his father that were etched during the Depression when the family lived in a West Boston tenement. 

 “I can remember him carrying rolls of linoleum on his back,” Redstone said Wednesday during an appearance at the Milken Institute Global Conference in Beverly Hills.  “He believed in hard work.  He had to work hard, and I had to work hard.” 

The title of the Global Conference session was “What it Means to be an Entrepreneur: A conversation with Sumner Redstone.” Redstone was interviewed by Michael Milken, and the two men hadn’t gotten too far into their dialogue when Redstone groused that more than a quarter of a century ago, Milken charged him “an extra quarter-percent interest” on a loan that Redstone took out to begin building his empire.  

Redstone still seemed peeved. “I’ve been paying for it ever since,” Milken lamented.

The legacy of Redstone -- who is three weeks shy of his 89th birthday --- has been written by many, including by Redstone himself. And, on Wednesday, Redstone told his story again to a standing room crowd in a small conference room at the Beverly Hilton. 

The secret to success, the mogul said, was: “You have to be in control of your destiny.  You can’t work for anyone else.  It’s not about money, it’s about winning.  You have to have a passion to win.”  (That’s also the title of Redstone’s 2001 autobiography.)

“I’ve taken some perilous risks. But I never took them unless I was confident that the rewards far outweighed the risk,” Redstone said.   

Perhaps his biggest risk was the hostile corporate take-over, in 1987, of Viacom Inc., then a cable television company with some puny channels named MTV and Nickelodeon.  Investment bankers wanted Redstone to sell the channels to pay down debt. Redstone refused.

Now MTV and Nickelodeon are Viacom's financial engines.

“My father, he always thought I was taking too big of a risk on Viacom.  He said, 'You’re betting your life on Viacom.'  I told him that I wanted to,” Redstone told the group.  “Unfortunately, he never lived to see the success of Viacom.”

Viacom now is valued at $27 billion. (CBS, Redstone's other company, has a $22-billion market cap.)

“I saw that content was king; I coined that phrase decades ago,” Redstone told Milken and the group, which included CBS Chief Executive Leslie Moonves; Mel Karmazin, chief executive of Sirius XM Radio Inc. and former chief operating officer of Viacom; CBS board member Arnold Kopelson; movie producer Robert Evans; music producer Quincy Jones; and former CBS personality Mary Hart. 

Milken asked Redstone how he judged talent in the executive suite, although Milken didn’t mention the gallery of executives that Redstone, over the years, booted to the curb (including Karmazin in 2004). 

Milken did mention one piece of talent.  Tom Cruise, one of the most bankable stars ever for Viacom’s movie studio, Paramount Pictures, was dismissed by Redstone in 2006.  “His behavior was terrible; he was jumping on couches,” Redstone said. “Women hated him, a lot of people said they would never come to see another one of his movies. And he made $10 million on the Paramount lot for doing nothing!”

But a few years later, Redstone said, Cruise told him that he wanted to make pictures for Paramount again. Redstone said he said yes, but also told Cruise, “You won’t get the same deal.”

“Today he’s one of my best friends,” Redstone said. “I’ve been for dinner to the house that he shares with his wife, Katie. And today, 'Mission Impossible' is grossing more than any other 'Mission Impossible' before it.  It's on track to gross $700 million. People came back to the movies to see him.” 

These days, Redstone has trouble getting around so he doesn't get out as much as he used to.  But he said he watches a lot of golf on TV (“Tiger [Woods] will never make it again. He’s done,” Redstone predicted).  Redstone also oversees his tanks full of exotic fish in his Beverly Park home.  

“When you look at the fish, you relax.  When you look at the fish, your blood pressure goes down,” Redstone said, adding that despite being worth nearly $4.5 billion, he still has stress in his life.

Milken and Redstone often discuss healthy diets, Milken said. 

“I eat and drink every antioxidant known to man, and I also drink red wine every night," Redstone said "It, fortunately, prevents aging so it is of particular interest to me.”

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Photo: Sumner Redstone poses with his Hollywood Walk of Fame star. Credit: Paul Buck / EPA

 

 

Viacom's $1-billion infringement suit against YouTube revived

A federal appeals court judge has revived a $1-billion copyright infringement lawsuit by Viacom Inc. against Google Inc.'s YouTube.

Viacom had sued YouTube in 2007, claiming that the online video site allowed users to post segments of its popular TV shows, including Comedy Central's "The Daily Show" and Nickelodeon's "SpongeBob SquarePants" without authorization.

The U.S. 2nd Circuit Court of Appeals on Thursday sent the matter back to federal district court and instructed the judge to determine whether YouTube knew about the infringing content but turned a blind eye.

Judge Jose A. Cabranes wrote that the Digital Millennium Copyright Act's "safe harbor" provides online sites protection against copyright infringement. The district court ruled in June 2010 that those protections extended to YouTube because they lacked sufficient notice of the individual infringements -- some 79,000 individual clips uploaded from 2005 to 2008.

Cabranes vacated the district court's summary judgment finding "because a reasonable jury could conclude that YouTube had knowledge or awareness ... at least with respect to a handful of specific clips." 

Viacom issued a statement Thursday applauding the decision, noting,  “The court delivered a definitive, common sense message -- intentionally ignoring theft is not protected by the law.”

YouTube lauded the court's interpretation of the protections awarded under the copyright law and sought to minimize the impact of the ruling.

"All that is left of the Viacom lawsuit that began as a wholesale attack on YouTube is a dispute over a tiny percentage of videos long ago removed from YouTube," the company said in a statement. "Nothing in this decision impacts the way YouTube is operating. YouTube will continue to be a vibrant forum for free expression around the world."

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Photo: Former Federal Election Commission Chairman Trevor Potter joins Stephen Colbert and "The Daily Show's" Jon Stewart on "The Colbert Report." Credit: Kristopher Long / Comedy Central
 

 

 

YouTube strikes movie rental deal with Paramount

Google Inc.'s YouTube has struck a movie-rental deal with a fifth major Hollywood studio, Paramount Pictures, adding 500 new titles to its expanding online library.

The addition of Paramount's films brings YouTube's rental library to nearly 9,000 titles, featuring such popular mainstream movies as Martin Scorsese's Academy Award-winning "Hugo" and director Michael Bay's action-packed "Transformers" and classics including "The Godfather."

The deal reflects YouTube's strategy to provide its millions of online viewers with a range of entertainment options, from its trademark user-created video and polished Web originals to professional, long-form content.

Securing more sought-after Hollywood entertainment also supports Google's other high-profile initiatives, such as its Android mobile platform. The same movies available on YouTube also can be rented and watched on Android smartphones and tablets through Google Play.

"Paramount Pictures is one of the biggest movie studios on the planet," Malik Ducard, YouTube's director of content partnerships, said in an e-mailed statement. "We're thrilled to bring nearly 500 of their movies in the U.S. and Canada on YouTube and Google Play."

YouTube already reached on-demand agreements with Sony Pictures Entertainment, Warner Bros., Universal Pictures and Walt Disney Studios.

What's most interesting about YouTube's movie rental agreement with Paramount is that it occurred at all. 

Paramount's corporate parent, Viacom Inc., sought last fall to revive its $1-billion lawsuit against YouTube over the alleged unauthorized posting of clips from popular TV shows to the site from 2005 to 2008. Arguments were heard last October in the U.S. 2nd Circuit Court of Appeals in New York, although no verdict has been rendered.

A U.S. District Court ruled in June 2010 that YouTube was protected from such infringement claims because of the "safe harbor" provision of the Digital Millennium Copyright Act.

The Paramount Pictures arrangement, which one person familiar with the situation confirmed, is not without precedent: MTV , Nickelodeon and Comedy Central all have channels on YouTube.

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Photo of Asa Butterfield, left, plays Hugo Cabret, and Sacha Baron Cohen portrays the Station Inspector in a scene from Martin Scorsese's movie "Hugo." Credit: Jaap Buitendijk / Paramount Pictures

Star sightings and Leslie Moonves at Sumner Redstone ceremony

 

Two sides of Hollywood were on display Friday as billionaire Sumner Redstone, executive chairman of Viacom Inc. and CBS Corp., received his star on the Hollywood Walk of Fame.

Clustered outside the historic Hollywood Roosevelt Hotel were the industry's power brokers, all in suits: Redstone; CBS Corp. Chief Executive Leslie Moonves; Viacom CEO Philippe Dauman; Paramount Pictures Chairman Brad Grey and Vice Chairman Rob Moore; producer Brian Grazer; Viacom Chief Operating Officer Thomas Dooley and Entertainment Group President Doug Herzog, who oversees Comedy Central; and Cyma Zarghami, the head of children's channel Nickelodeon.

Another Hollywood contingent was there too: about 200 stargazers, many of whom began gathering more than an hour before the ceremony. They milled about in the street, separated from the power crowd by metal barriers.

"There's Julie Chen!" shouted one of the fans when the star of CBS' daytime talk show, "The Talk," strode into view.

"It is Julie Chen!" chimed in another fan, 20-year-old Jeremiah Miller, who lives in Hollywood and frequents the star-unveiling ceremonies. 

"Who's the guy in the gray suit next to Julie Chen?" Miller asked.

A reporter said the gray-suited man was Leslie Moonves, one of television's biggest titans -- as well as Chen's husband.

"Oh," Miller said, then turning to the other spectators:  "He runs CBS."

"I always hate the ceremonies where I never know people's names," Miller said. "You know who I would really like to see?  George Lopez."

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Top photo: Viacom and CBS Chairman Sumner Redstone, seated, received his star on the Hollywood Walk of Fame. Behind him from left: Viacom Chief Executive Philippe Dauman, Paramount Pictures Chairman Brad Grey and CBS Chief Executive Leslie Moonves.  Credit: Alberto E. Rodriguez / Getty Images 

Bottom photo:  Julie Chen. Credit: John P. Filo / CBS

Sumner Redstone receives star on Hollywood Walk of Fame

 
Just outside the doors to stately Hollywood Roosevelt Hotel, where the first Oscar ceremony was held, Viacom Inc. and CBS Corp. Chairman Sumner Redstone was indelibly etched in entertainment history on Friday when he received a star on the Hollywood Walk of Fame.

The aging mogul's family members, a coterie of some of Hollywood's most powerful executives, and nearly 200 star-gazers were on hand to witness the tribute.

Viacom Chief Executive Philippe Dauman compared Redstone to Adolph Zukor, the visionary New York nickelodeon owner who became one of the first people to make big money in the movie business. It was Zukor who founded Paramount Pictures 100 years ago.

WALK OF FAME: Sumner Redstone's star

Redstone now controls the famed Paramount film studio, among such other assets as CBS television, MTV, BET, Comedy Central and children's channel Nickelodeon.

"Sumner -- the King of Content -- is without a doubt an elemental force of nature, and I can personally attest to that," Dauman said. He noted that Redstone's gold-rimmed star was appropriately located next to that of another lion of entertainment, the late former president of the Motion Picture Assn. of America, Jack Valenti.

"Sumner, like you, your star will be around for a long, long, long, long time," Dauman said.

The 88-year-old Redstone, sitting next to the podium on a red-carpeted stage, half-heartedly shrugged.

One of the country's richest men, Redstone began his career as a lawyer and then ran his father's regional theater chain before going on to assemble one of the biggest media empires in the world. On Friday, he seemed to be reflecting on the totality of his life, and the fragile nature of success.

"From my tenement in which I lived as a child, built on a cobblestone, dirty street in the west end of Boston, I am now successful. But I must tell you, though, that my global businesses at Viacom and CBS at times have been in peril," Redstone said.  "But now I find myself on this wonderful event on the sidewalks of New York with this star. I must tell you the trip, the journey, from living in that tenement to this marvelous event was torturous, hard, sometimes it was difficult, but it was always exciting and always rewarding. I want to thank everyone for this star, thank you for this honor and for your presence." 

Redstone then glanced over to where his family was seated -- his daughter Shari Redstone, her three children, and a grandchild. "I want you know that it means a great deal to me that they are here to share this day and this event with me," he said.

Redstone was in Hollywood, not New York, and at times he was a little unsteady on his feet.  He has been slowing down in recent years as mobility has become an issue. He lives above Beverly Hills, though he is the controlling chairman of two New York-based media companies. His companies have created popular movies, including "Forrest Gump" and "Mission: Impossible," and own TV networks that boast such well-known programs as “60 Minutes,” “CSI: Crime Scene Investigation,” “Late Show with David Letterman,” “SpongeBob SquarePants,” “Dora the Explorer” and “Jersey Shore.”

Also in attendance were Leslie Moonves, chief executive of CBS; his wife, TV personality Julie Chen; Paramount Pictures Chairman Brad Grey, Paramount Pictures Vice Chairman Rob Moore; Viacom Entertainment Group President Doug Herzog; Viacom Chief Operating Officer Thomas Dooley; Nickelodeon President Cyma Zarghami;and such notable movie producers as Brian Grazer, A.C. Lyles, Robert Evans and Arnold Kopelson.

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Photo: Hollywood Chamber of Commerce officials unveil a star on the Hollywood Walk of Fame for Sumner Redstone, seated, during a ceremony Friday in Los Angeles. Viacom Chief Executive Philippe Dauman stands slightly behind Redstone.  Credit: Christina House / For The Times

 

Sumner Redstone attends Viacom shareholders' meeting

Who is the man behind the curtain at Viacom? Sumner Redstone, of course.

After much speculation about the health of the company's 88-year-old chairman, Viacom Inc. opened its annual shareholders meeting Thursday morning in New York by dramatically parting a curtain for the big reveal: the ginger-haired Redstone on stage, sitting at a table along with two other senior Viacom executives — Chief Executive Philippe Dauman and General Counsel Michael Fricklas.

Last week, Redstone — who lives in Los Angeles — made headlines after deciding not to fly across the country to attend the annual session with shareholders in New York. A company spokesman initially said that Redstone — who controls nearly 80% of Viacom's voting shares — had an "unavoidable conflict" that would prevent his attendance. Media reports about Redstone's decision to skip the meeting prompted inquiries from shareholders, leading Redstone to make the trip after all.

"To paraphrase my very good friend Mark Twain, who couldn't be here with us today ... reports of my absence from this meeting have been greatly exaggerated," Redstone said to open the meeting, after the curtain parted, according to a Viacom executive in attendance.

Redstone in recent years has been cutting back on public appearances as his mobility has become an issue. The mogul, who will turn 89 this spring, attended last month's 84th Academy Awards ceremony in Hollywood, and plans to participate in the festivities on Hollywood Boulevard when he receives a star on the Hollywood Walk of Fame later this month.

He also kicks off every Viacom and CBS Corp. (which Redstone also controls) quarterly earnings call with Wall Street analysts, via speaker phone, by boasting about Viacom and CBS' sunny futures and how much he adores his two handpicked lieutenants, Viacom's Dauman and CBS Chief Executive Leslie Moonves.

About 30 investors attended Viacom's meeting Thursday, along with about 90 Viacom employees. Two investors asked questions. One shareholder wanted to know whether Viacom's Hollywood movie studio, Paramount Pictures, was still in business with Steven Spielberg. Viacom's Dauman said "yes," noting that the celebrated director was an executive producer of the "Transformers" movies.

Another shareholder, an older woman, said that she thought the actor Timothy Olyphant ("Justified") was "very hot" and that he should appear in Paramount's movies.  

Instead, Katy Perry will star this summer in a 3-D concert movie called "Katy Perry: Part of Me," Dauman announced at the meeting.

"Across our divisions, we strengthened our operational efficiency while continuing to invest in programming and films that resonate with audiences around the world," Dauman said. "On the eve of its 100th birthday, Paramount Pictures finished the 2011 calendar year as the No. 1 studio at the domestic box office. The studio captured the top spot thanks to an unprecedented run of highly successful films, including an industry-leading six consecutive films that earned $100 million or more in U.S. theaters."

At the end of the 45-minute meeting, the curtain closed, preventing spectators from witnessing Redstone's departure.

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Photo: Sumner Redstone, center, arrives at the 84th Academy Awards ceremony in Hollywood on Feb. 26. Credit:  Paul Buck / European Pressphoto Agency

Sumner Redstone to attend Viacom meeting after all

Viacom Executive Chairman Sumner Redstone has decided he's not too busy to attend his media company's annual shareholders meeting after all.

On Friday, just 24 hours after Viacom said Redstone had an "unavoidable conflict" that would prevent his traveling to New York to preside over next week's meeting, the octogenarian apparently had a change of heart.

"Mr. Redstone very much wanted to attend the Viacom annual meeting. He was able to change his commitment and will participate in person at the meeting," Viacom spokesman Carl Folta said late Friday in a statement. 

Folta declined to identify Redstone's now-averted "unavoidable conflict."

Thursday's news of Redstone's planned absence from the shareholders meeting raised questions in the investment community about the aging media mogul's health. The billionaire, who lives in Los Angeles and turns 89 in May, has been limiting his travel in recent years.

Viacom annual meetings typically are sparsely attended affairs, primarily because Redstone owns nearly 80% of the voting stock. But Redstone has not been one to miss the gatherings.

Viacom's widely traded B shares closed Friday at $48.48 a share, down 35 cents. Viacom A shares, which are the preferred voting shares, continue to rise in value above the price of the non-voting shares, in part because some investors anticipate an eventual change in control. Viacom A shares closed Friday at $54.22, down 29 cents.

Redstone, who collected $21 million last year in executive compensation from Viacom, also is the controlling shareholder of CBS.  Last year he attended both the Viacom and CBS annual shareholder meetings.

He appeared with his grandson at the Academy Awards ceremony in Hollywood on Sunday. Redstone also plans to partake in the festivities when he receives a star on the Hollywood Walk of Fame this month.

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Photo: Viacom Executive Chairman Sumner Redstone at the Academy Awards on Sunday in Hollywood. Credit: Paul Buck / European Pressphoto Agency

Redstone to skip Viacom meeting; but will get a Walk of Fame star

Viacom Executive Chairman Sumner Redstone won't be attending his company's annual shareholders' meeting in New York next week. However, later this month, he will be staking out a spot on Hollywood Boulevard.

Redstone will be at the center of attention on March 30 when he receives his own star on Hollywood's Walk of Fame. He will join the ranks of other past and present media moguls with their names forever emblazoned on the legendary Hollywood stretch including Ted Turner, Michael Eisner, Louis B. Mayer and Darryl Zanuck.

Redstone, the 88-year-old controlling shareholder of both Viacom Inc. and CBS Corp., has been making fewer public appearances in recent years. However, he did attend the 84th Academy Awards last Sunday, an event also staged on Hollywood Boulevard, about 8 miles from his home in the gated enclave of Beverly Park.

But he is not planning to make the cross-country trip to New York to attend next week's shareholders meeting, marking the first time in memory that Redstone will miss Viacom's annual gathering. Redstone's absence will be due to an "unavoidable conflict," Viacom spokesman Carl Folta said Thursday, declining to elaborate on the reason.

Instead, the man who once roared that "Viacom is me" will address shareholders in a videotaped message. Redstone's conflict, according to Folta, was "not health related." 

Even though Redstone won't be there in person, he still will control the show. Redstone holds nearly 80% of Viacom's voting shares, so it is a safe bet that he will cast the votes necessary to retain his seat as executive chairman. In Viacom's most recent fiscal year, Redstone raked in $21 million in executive compensation — about $6 million more than he received in 2010.

Viacom includes such assets as MTV, VH-1, Comedy Central, BET, TV Land and the Hollywood-based movie studio Paramount Pictures.

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Photo: Sumner Redstone, center, arrives at the 84th Academy Awards ceremony in Hollywood on Feb. 26. Credit:  Paul Buck / European Pressphoto Agency