Viacom down 1/3

Viacom profits fell 34 per cent in the first quarter, hurt by a global advertising spending slowdown. The company reported first quarter net profit of $177m, down from $270m, a year earlier. Revenue fell 7 per cent to $2.91bn.

Advertising at Viacom's cable networks, which as a sector is considered the most resilient compared with newspapers or local television broadcasters, fell 9 per cent in the US and 11 per cent globally. A stronger US currency hurt film exports, which led to a 4 per cent negative impact from foreign currency exchange, the company said.

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