Viacom FY 3Q17 Earnings Call Notes

Robert Bakish – President and CEO

Pay TV decline of ~3.5%

“So, there’s a bunch of questions in there. Let’s talk about the sort of pay-TV environment and some of the decline that’s been discussed. So, a couple of pieces. So, the internal data that we have showed a slight degradation from Q2 to Q3, and that data shows a run rate of about minus 3.5%. That’s a sad number.”

Investing in ad load reduction

“There’s a couple of pieces to the answer that question, although it ends with yes. Ad load reduction is an investment we’re making in the health of our brands which we believe will pay strong dividends. But going through it, we’re coming out of an up front that we’re very happy with. We have up volume. We’ve got a mid-singles rate of change or you could about it as CPM. Good demand across brands, so that’s a nice foundation.”

Scatter looks strong

“Scatter right now, we’re actually very pleased with scatter. I’d say it’s certainly a decent market. You look at MTV as an example and scatter is up double-digits. So, we don’t see any issues with access to money. We also candidly have the benefit that we do have an ADU bank that were anything to weaken a bit, we can ride through it, but again, the scatter market continues to look good.”