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    TMUS   US8725901040

T-MOBILE US

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ViacomCBS edges past revenue estimates on streaming strength

11/04/2021 | 09:33am EST
FILE PHOTO: FILE PHOTO: ViacomCBS headquarters in New York, New York

(Reuters) - ViacomCBS Inc on Thursday posted better-than-expected quarterly revenue, helped by more subscriber additions to its fast-growing streaming platforms and strong advertising sales.

The company added 4.3 million global streaming subscribers in the quarter, led by Paramount+, bringing the total to nearly 47 million. Content including "A Quiet Place Part II", "Paw Patrol: The Movie", the return of the NFL, and the new CBS fall television season contributed to that growth.

A large part of the media giant's business was buoyed by a rebound in ad-spending, driven by the resumption of live sports.

That, coupled with viewers flocking to the company's diverse cable and streaming network that includes PlutoTV, Comedy Central, Nickelodeon, Showtime and Paramount+ has bumped up subscription additions.

With people now stepping out seeking in-person entertainment and increased pressure on traditional pay-TV services, media companies across the industry are looking to bolster their streaming services to take on giants like Netflix and Walt Disney Co's Disney+. Bundling services together through commercial partnerships is one option.

U.S wireless carrier T-Mobile said on Thursday customers who pay a monthly bill and home internet plan subscribers would get Paramount+ Essential (which does not include local live CBS station coverage) free for a year.

Revenue rose 13% to $6.61 billion in the third quarter ended Sept. 30. Analysts on average had expected $6.57 billion, according to Refinitiv data.

ViacomCBS' streaming revenue rose 62% during the quarter to about $1.1 billion.

On a call with investors the company said it expects fourth-quarter streaming expenses, including content and marketing, to rise $350 million relative to third-quarter streaming costs.

Operating income stood at $879 million, down from $903 million, a year earlier. Adjusted profit of 76 cents was in-line with Wall Street's estimate.

(Reporting by Eva Mathews in Bengaluru and Helen Coster in New York; Editing by Shailesh Kuber, Elaine Hardcastle)

By Eva Mathews and Helen Coster


ę Reuters 2021
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Financials (USD)
Sales 2021 80 242 M - -
Net income 2021 2 853 M - -
Net Debt 2021 71 171 M - -
P/E ratio 2021 46,6x
Yield 2021 -
Capitalization 132 B 132 B -
EV / Sales 2021 2,54x
EV / Sales 2022 2,44x
Nbr of Employees 75 000
Free-Float 47,3%
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Number of Analysts 31
Last Close Price 106,03 $
Average target price 165,81 $
Spread / Average Target 56,4%
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G. Michael Sievert President, Chief Executive Officer & Director
Peter Osvaldik Chief Financial Officer & Executive VP
Timotheus H÷ttges Chairman
Cody Sanford Executive VP, Chief Information & Product Officer
Abdul Saad Chief Technology Officer & Executive VP
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