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Viacom off to strong Q1 thanks to great box office results

Strong ticket sales for “Bumblebee,” the “Transformers” prequel, helped Viacom beat first-quarter profit estimates even as revenue fell short of expectations due to weaker ad sales at its cable networks. Shares of the owner of Paramount Pictures and Nickelodeon closed up 3 percent, at $30.33, on Tuesday. President and Chief Executive Bob Bakish told investors that Viacom has inked a new film production deal with Netflix through Nickelodeon, which will lead to films based on the channel’s hit shows, “The Loud House” and “Rise of the Teenage Mutant Ninja Turtles.” Share this:FacebookTwitter Flipboard WhatsAppEmailCopy ...