Viacom said the previously announced restructuring of its media nets is on track and "almost complete," with the group posting a 10% increase in rev to $1.9bln for 2Q. Pres/CEO Philippe Dauman said the cable upfront is almost over for the nets. Adult-focused nets are securing low double-digit price increases, with overall dollar volume slightly higher than last year. Dauman added that nets turned away business because they anticipate a strong scatter market. While Time Warner indicated Wed that the kids upfront would be weak, Viacom said it’s seeing no slowdown and expects a double-digit increase in overall dollar volume. Viacom has orchestrated ad deals that feature a combo of the new commercial ratings and program ratings. For the most part, commercial ratings will not come into play until 1Q08, Dauman said. The company said it’s on track to exceed this year’s goal of $500mln in digital revenue this year, and it plans to launch hundreds of new Websites over the next year. Shares closed up 1% as Viacom’s earnings of $434mln beat analyst expectations.

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Paramount’s Reason for Settling Trump Lawsuit

With news breaking overnight of Paramount Global’s $16 million settlement of President Trump’s “60 Minutes” lawsuit, the company couldn’t ignore the elephant in the room during its annual shareholder meeting Wednesday.

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