Viacom surprise rise
August 3, 2007
Viacom Inc posted a better-than-expected profit, boosted by the film division. The New York-based owner of MTV Networks, Paramount movie studios and Nickelodeon cable channels said its second quarter profit fell less than 1 per cent to $434 million down from $437.3 million a year earlier.
Revenue rose 13 per cent to $3.19 billion ahead of Wall Street expectations. Global advertising revenue rose 6 per cent to $1.15 billion.
Revenue from its cable networks divisions including MTV Networks rose 10 per cent. Profit rose 3 per cent, hurt by $11 million in restructuring charges and higher programming expenses as it invested in new shows. Movie studio revenue rose 20 per cent to $1.3 billion and profit rose $17 million to $21.4 million.