Viacom posted strong first-quarter 2019 financial results on Tuesday as the media and entertainment company’s earnings beat Wall Street expectations. Paramount Pictures produced double-digit revenue thanks, in part, to “Bumblebee” and “Instant Family.”
“Through strong execution of our strategic priorities, we delivered another quarter of solid financial and operational results,” Viacom CEO Bob Bakish said in a statement. “Beyond the growth at our flagship networks and the resurgence of Paramount Pictures, we took a major step forward in our evolution with an agreement to acquire Pluto TV. This service will create a scaled direct-to-consumer offering for Viacom, and expand our opportunities in next-generation distribution and advanced advertising.