ViacomCBS beats quarterly revenue estimates on Super Bowl boost (updated)

Paramount Global

06/05/2021 12:15

(Adds net income, background)
    May 6 (Reuters) - ViacomCBS Inc  VIACA.O  on Thursday
reported quarterly revenue that beat Wall Street estimates,
driven by growth in affiliate fees and an uptick in broadcast TV
advertising thanks to the Super Bowl airing on its CBS network.
    Despite intense competition from major streaming players
like Netflix Inc  NFLX.O  and Disney+, ViacomCBS was also able
to capitalize on its platform Paramount+ through its sports and
news broadcast, as some live sporting events resumed.
    Affiliate fees, which refer to the fees collected from
cable, satellite and online distributors, gained 5% at $2.08
billion in the first quarter.  urn:newsml:reuters.com:*:nBw9Syvzca
     Revenue rose 14% to $7.41 billion in the quarter ended
March 31, beating estimates of $7.31 billion, according to IBES
data from Refinitiv.
    Net earnings attributable rose to $899 million, or $1.42 per
share, from $501 million, or 81 cents per share, a year earlier.
    

 (Reporting by Eva Mathews in Bengaluru; Editing by Amy Caren
Daniel)
 ((Eva.Mathews@thomsonreuters.com;))