Businessweek

Viacom, Inc. announced consolidated unaudited earnings results for the second quarter and six months ended March 31, 2013. For the quarter, the company reported revenues of $3,135 million against $3,331 million a year ago. Operating income was $847 million against $932 million a year ago. Earnings from continuing operations before provision for income taxes were $747 million against $812 million a year ago. Net earnings from continuing operations were $489 million against $599 million a year ago. Net earnings were $486 million against $596 million a year ago. Net earnings attributable to company were $478 million against $585 million a year ago. Diluted earnings per share attributable to Viacom were $0.96 against $1.07 a year ago. Basic earnings per share continuing operations were $0.98 against $1.09 a year ago. Net earnings from continuing operations attributable to company were $481 million against $588 million a year ago. Adjusted diluted earnings per share from continuing operations were $0.96 against $0.98 a year ago. Revenues decreased primarily due to lower Filmed Entertainment revenues and partially offset by an increase in Media Networks revenues as advertising revenue increased over the prior year. Operating income declined reflecting lower Filmed Entertainment results and an increase in Media Networks programming investment expense, partially offset by the increase in advertising and affiliate revenues. Adjusted net earnings from continuing operations attributable to Viacom were $481 million, and adjusted diluted earnings per share from continuing operations were $0.96 per diluted share. The company generated $700 million in operating free cash flow compared to $869 million last year. The company continued to maximize the free cash flow efficiency, converting over 80% of operating income into cash flow in the quarter. The decline in operating free cash flow in the quarter was principally due to an unfavorable working capital variance and lower operating income, partially offset by lower cash taxes. For the six months, the company reported revenues of $6,449 million against $7,283 million a year ago. Operating income was $1,644 million against $1,948 million a year ago. Earnings from continuing operations before provision for income taxes were $1,465 million against $1,729 million a year ago. Net earnings from continuing operations were $971 million against $1,200 million a year ago. Net earnings were $965 million against $818 million a year ago. Net earnings attributable to company were $948 million against $797 million a year ago. Diluted earnings per share attributable to Viacom were $1.88 against $1.45 a year ago. Basic earnings per share continuing operations were $1.89 against $2.14 a year ago. Net earnings from continuing operations attributable to company were $954 million against $1,179 million a year ago. Adjusted diluted earnings per share from continuing operations were $1.87 against $2.04 a year ago. For 2013, the company is forecasting a book tax rate of 34.5%.

Viacom, Inc. named Steve Agase as Senior Vice President of Music & Entertainment Ad Sales, West Coast. In his new role, Agase will oversee West Coast ad sales for Viacom Media Networks Music and Entertainment. Agase will report to Jeff Lucas, Head of Sales for Music & Entertainment, out of the company's Santa Monica, CA office. Agase will be responsible for growing Viacom Media Networks' partnerships with West Coast agencies and advertisers, including its key clients in the motion picture industry. He will work closely with the division's Programming, Integrated Marketing and Research teams to leverage linear and digital assets across the Music & Entertainment brands and meet client objectives. Most recently, Agase served as Senior Vice President of West Coast Sales for NBCUniversal, overseeing the company's Western Region sales team which represented three Broadcast and two Cable News Divisions.

Monster, Inc. and Viacom, Inc. will officially debut the new Monster DNA(TM) White Tuxedo headphones backstage at the 2013 MTV Movie Awards (airing live on April 14, 2013. Monster DNA(TM) White Tuxedo headphones were created by Monster as part of a global alliance with Viacom. The elegant new Monster DNA(TM) White Tuxedo headphones will be available on April 16, 2013 at Apple Store(R) and monsterproducts.com worldwide (MSRP: $229.95). Like all Monster headphones, Monster DNA(TM) White Tuxedo features the company's breakthrough Pure Monster Sound(TM), specially tuned by Head Monster Noel Lee, the audio engineer behind the sound of Beats by Dr. Dre(R) headphones. Pure Monster Sound(TM) uses Monster's latest proprietary technologies and sonic innovations to bring the full experience of live music to music lovers and concert goers everywhere. Articulate, tight, and ultimately revealing, it's as close to live music as being on stage with the musicians. Among the innovative capabilities of Monster DNA(TM) headphones is the Monster(R) Music Link, which features dual-port inputs that allow multiple users to connect their headphones at once and share their audio experience. Friends can enjoy all their music together in a brand new way, feeling every detail and beat, just as though they were in the studio or on stage with the musicians.

Viacom Inc. announced the election of Cristiana Falcone Sorrell and Deborah Norville as members of the Viacom Board of Directors, effective immediately. In connection with the election of Ms. Falcone Sorrell and Ms. Norville, the Viacom Board has expanded from eleven to thirteen members. Ms. Falcone Sorrell is currently Senior Adviser to the Chairman at the World Economic Forum. In addition, she serves as Principal Consultant, Office of Outreach and Partnership for the Inter-American Development Bank. Ms. Norville is one of America's best-known television journalists, a two-time Emmy award winner with more than thirty years of reporting experience. Currently, she is the anchor of Inside Edition, the nation's top-rated syndicated newsmagazine.

Viacom, Inc. is reportedly looking to acquire 50% stake in regional general entertainment channels (R-GECs) of ETV Network Pvt. Ltd. While some media reports suggest Viacom is conducting a due-diligence, this could not be verified. Business Standard reported that Viacom18 spokesperson was unavailable for comment.