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Viacom downgrades Q3 forecast due to underperformance of ‘Teenage Mutant Ninja Turtles’

MUMBAI: US media conglomerate Viacom has provided an update on its financial expectations for the fiscal quarter ended 30 June 2016.

Based on preliminary information, Viacom expects to report adjusted diluted earnings per share within the range of approximately $1.00 to $1.05 for the third quarter of 2016.

The company said that its third quarter results will be impacted by the theatrical underperformance of ‘Teenage Mutant Ninja Turtles: Out of the Shadows’ as well as a delay in completing a significant SVOD agreement.

Viacom said that the US performance of the latest ‘Teenage Mutant Ninja Turtles’ release was disappointing, but the company has a strong slate in the months ahead and looks forward to improvement at Paramount.

The company also previously expected to complete a significant SVOD agreement in the quarter, but said the recent and highly public governance controversy negatively impacted the timing and its ability to achieve an optimal outcome with partners.

Viacom said that it expects US ad sales declines for the third quarter to be approximately 4%.