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The soft scatter market has taken a bite out of Viacom’s wallet, as the entertainment conglomerate reported a 3 percent drop in advertising dollars in the last quarter of 2011.
In the final three months of the year, Viacom’s cable networks group took in $1.35 billion in ad sales revenue—the same amount it reported in the recession-wracked fourth quarter of 2009. Analysts had anticipated a 3 percent improvement.
In a Q&A with investors, Viacom CEO Philippe Dauman on Thursday said the cable unit was pulled down by the ongoing ratings debacle at Nickelodeon.
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