Viacom earnings up

spongebobViacom said earnings rose in the fourth quarter as revenues rose at its cable networks.

Net earnings were $804 million compared to $650 million a year ago. Revenues rose 9 per cent to $3.7 billion.

“Viacom’s commitment to creative and operational excellence, and our continued investment in content, delivered an outstanding quarter and strong fiscal year,” Philippe Dauman, president and CEO, said. “Our media networks had strong growth in both advertising and affiliate revenues as ratings improved across our brands.”

Operating income for Viacom’s Media Networks segment, which includes MTV, Nickelodeon and Comedy Central, rose 11 per cent to $933 million in the quarter. The company said higher revenues offset a 6 per cent increase in spending on programming.

Media Networks revenues grew 7 per cent to $2.46 billion in the quarter. Domestic and worldwide advertising revenues each increased 10 per cent. Domestic and worldwide affiliate revenues increased by 6 per cent.

Excluding digital distribution, Viacom said affiliate revenues were up in the high single digits.

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