Viacom rises on movies

Viacom reported higher fourth-quarter net income thanks to the box office and solid performances at its cable networks.

Net earnings were $576 million up from $189 million a year ago. Revenues rose 22 per cent to $4.05 billion.

“We enter a new fiscal year with a proven track record of managing our operations effectively in every economic environment,” CEO Philippe Dauman said in a statement. “Our financial position is as strong as it has ever been, which allows us to continue to invest in the growth of our businesses, including new branded television networks in the U.S. and internationally, and Paramount’s recently launched animation label.”

Operating income for Viacom’s media networks unit, which included MTV, Nickelodeon and Comedy Central, was up 10 per cent to $958 million. Revenues for the media networks unit rose 8 per cent to $2.3 billion. Advertising revenues rose 7 per cent both at the domestic networks and at the company’s international operations. Worldwide affiliate revenues were up 11 per cent to $833 million.

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