ViacomCBS' Stock Gains On Partnering With Sky For Paramount+'s Europe Launch, Q2 Subscriber Growth

ViacomCBS Inc VIAC reported second-quarter FY21 revenue growth of 8% year-on-year to $6.56 billion, beating the analyst consensus of $6.48 billion.
Advertising revenue grew 24% Y/Y to $2.1 billion, driven by CBS' broadcasts of 2021 sporting events and advertising market recovery.
Affiliate revenue increased 9% Y/Y to $2.1 billion, and Streaming revenue rose 92% Y/Y to $983 million, driven by growth in advertising on Pluto TV, Paramount+, and strong subscribers growth.
ViacomCBS added 6.5 million global streaming subscribers to reach over 42 million for the second successive quarter. It realized 82% Y/Y growth in streaming subscription revenue fueled by Paramount+.
Theatrical revenue of $134 million reflects the release of A Quiet Place Part II and the pandemic-inflicted lack of releases in Q2 FY20.
Licensing and other revenue decreased 36% Y/Y to $1.2 billion, primarily reflecting the licensing of the domestic streaming rights to South Park in the prior year and the absence of theatrical releases in 2020.
TV Entertainment revenue rose 23% Y/Y to $2.8 billion, Cable Networks revenue increased 8% Y/Y to $3.5 billion, and Filmed Entertainment revenue grew 3% Y/Y to $667 million.
Adjusted OIBDA declined 25% Y/Y to $1.24 billion.
Adjusted EPS of $0.97 beat the consensus of $0.96.
Viacom generated $1.8 billion in operating cash flow during the six months ended Jun. 30 and held $5.4 billion in cash and equivalents.
Additionally, Paramount+ will launch on Comcast Corp's CMCSA Sky platforms in the UK, Ireland, Italy, Germany, Switzerland, and Austria (GSA) in 2022 under a new multi-year distribution agreement.
Price action: VIAC shares traded higher by 6.03% at $41.13 on the last check Thursday.

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ViacomCBS' Stock Gains On Partnering With Sky For Paramount+'s Europe Launch, Q2 Subscriber Growth