Summary Box: Viacom’s fiscal 1Q earnings fall

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ENCORE PERFORMANCE: “Rock Band,” the series of video games that Viacom sold in 2010, came back to bite the company in the latest quarter, as an arbitrator said it had to give the original owners $383 million in performance-based awards.

AD WEAKNESS: Viacom continues to be dogged by a drop in ratings for its Nickelodeon network, as reported by Nielsen. That meant that advertising revenue fell short of Wall Street expectations.

BY THE NUMBERS: Viacom earned $212 million, or 38 cents per share, on $3.95 billion in revenue. That compares with $610 million, or $1 per share, on $3.83 billion in revenue for same quarter in 2010.