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Covid-19 is still battering media companies, but things are looking up for ViacomCBS’ streaming ambitions and advertising revenue.
While ad revenue was down 6% in Q3, to $2.19 billion, that’s a vast improvement from the second quarter’s 27% decline. In the TV entertainment segment, advertising revenue was down 1% to just over $1 billion, while the cable entertainment segment was down 11% to $1.1 billion; affiliate revenue in both segments was up, but content licensing revenue sagged, resulting in single-digit revenue declines.