, swung to a loss for its latest quarter, which included various deal-related and other charges, such as $468 million for restructuring and other matters, as well as $589 million in content-related writedowns.
The results fell short of Wall Street estimates. Quarterly revenue fell 3 percent to nearly $6.9 billion. Elsewhere at the studio, Bakish reported the CBS network is spending less on pilots this year, "because they feel very good about where the network is and therefore are able to be more prudent." That was offset by "ramping demand" in ViacomCBS' third party studio production business.
The "House of Brands" product, yet to be named, will add content from Nickelodeon, Comedy Central, MTV, BET and other channels, "And we will do this at scale," backed by around 30,000 episodes of TV and up to 1,000 movies," Bakish told analysts. A soft launch of the "House of Brands" offering is expected later this year.
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