US-INDUSTRY Summary

Viacom and CBS beat expectations in tough TV ad market

(Reuters) - Sumner Redstone had a good day on Wednesday as his two companies Viacom Inc and CBS Corp reported quarterly results that beat Wall Street estimates on the back of unexpectedly strong TV advertising revenue. Viacom reversed a long ad revenue slide, surprising analysts by posting growth in the first quarter. CBS reported a profit that easily beat the most optimistic of Wall Street estimates, as special events helped its broadcast network increase ad revenue by 8 percent.

DreamWorks Animation to buy YouTube channel AwesomenessTV

(Reuters) - DreamWorks Animation SKG Inc has agreed to buy teen- oriented YouTube network AwesomenessTV to secure an online platform to showcase family-focused movie franchises such as "Shrek" and "Kung Fu Panda." DreamWorks said on Wednesday it will pay about $33 million in cash to acquire AwesomenessTV, with additional payments of up to $117 million if earnings targets are met in 2014 and 2015. The transaction is expected to be completed this month, it said.

CBS profit gains on advertising, cable revenue

(Reuters) - Broadcaster CBS Corp reported a better-than-expected first-quarter profit, boosted by advertising during February's Super Bowl telecast and a jump in revenue from Showtime and its other cable channels. The company recorded $463 million in net earnings for the January through March period, a 17.5 percent increase from $394 million a year earlier, CBS said on Wednesday.

Viacom turns the corner on its ad slump

(Reuters) - Viacom Inc reported a 6 percent drop in revenue because of a weak slate of movies from its studio Paramount Pictures, but advertising revenue turned positive during the quarter. The company said for the quarter that ended March 31, revenue was $3.14 billion, slightly lower than analysts' expectations of $3.19 billion, according to Thomson Reuters I/B/E/S.

Boosted by digital, Hollywood home entertainment sales grow 5 percent

(Reuters) - Hollywood studios saw sales of Blu-ray, online distribution and other home viewing of their movies grow by 5 percent in the first quarter in comparison to only 0.23 percent for all of last year. Consumers spent $4.7 billion in the quarter to buy Blu-ray discs, subscriptions to Netflix-like services and other outlets, according to the industry-backed Digital Entertainment Group.

"The Croods" animate DreamWorks after "Guardians" flop

(Reuters) - DreamWorks Animation SKG Inc reported better-than-expected quarterly results, helped by the worldwide success of its animated film, "The Croods", sending its shares up 9 percent in after-hours trading. "The Croods," which tracks a prehistoric family on a road trip and features the voices of Nicholas Cage and Ryan Reynolds, raked in nearly $479 million worldwide, of which about 66 percent was from international markets.

Aereo targets 30 percent of U.S. broadcasters' market: Diller

LOS ANGELES (Reuters) - Barry Diller, the billionaire media mogul who is backing the startup Aereo TV service, said on Monday it expects to reach between 25 and 30 percent of the U.S. television audience with the wireless service that broadcasters say undermines the economics of their business. On April 1 a federal appeals court denied a motion by major media companies to shut down Aereo, which uses large numbers of TV antennas to capture broadcast signals for its subscribers, who do not want to pay cable and satellite operator's higher cable fees.

CBC's English-language chief leaving for Twitter job

TORONTO (Reuters) - The head of the Canadian Broadcasting Corp's English-language service is leaving the public broadcaster to join micro-blogging company Twitter, the CBC said on Monday. Kirstine Stewart, the CBC's executive vice-president of English services, will leave immediately and a recruitment process for her replacement has been launched.

InterMedia fires new salvo in fight for Outdoor Channel

(Reuters) - Leo Hindery's InterMedia raised its offer for cable network Outdoor Channel Holdings Inc to $237 million in cash, outbidding a rival offer from Stan Kroenke's Kroenke Sports & Entertainment LLC. Outdoor shares rose above Intermedia's offer price in extended trading, signaling that investors expect a counter bid from Kroenke for the cable channel, which features programs aimed at hunters and other outdoor enthusiasts.

Former AOL's CFO Minson returns to Time Warner Cable

(Reuters) - Arthur Minson, a former senior officer at online media company AOL, has been named the new finance chief of No. 2 U.S. cable provider Time Warner Cable Inc. Minson, who had worked as a deputy chief financial officer at Time Warner Cable from 2007-09, will start his new post May 2, replacing Irene Esteves.

Source: http://news.yahoo.com/us-industry-summary-005820105.html

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