Viacom, the owner of MTV, Comedy Central and Paramount Pictures, forecast a low single-digit dip in sales to U.S. pay-TV companies and streaming video services this quarter, sending its stock down almost 8% after hours.
The media company beat Wall Street’s average estimates for fiscal third-quarter revenue and profit, helped by an unexpectedly strong 4% jump in such affiliate sales, but investors focused on the downbeat projection for the current quarter.
