Viacom, owner of the Paramount movie studio and cable network MTV and Comedy Central, has reported strong Q4 profit and revenue.
Revenue in Viacom’s movie business, the company’s second biggest, rose 12 per cent in the fourth quarter. A boost in affiliate fees – rates Viacom charges from cable and satellite TV operators and mobile operators for carrying its programmes – drove up revenue by 8.3 per cent to $2.66 billion.
International advertising revenues benefited from the acquisition of Channel 5 in September. Commenting on the UK channel acquisition, Viacom president and CEO Philippe Dauman added: “Our September acquisition of Channel 5 has already made a positive impact on our business, and points the way to further significant long-term growth of our international business.”
Total revenue rose 9.3 per cent to $3.99 billion. Net earnings from continuing operations attributable to Viacom fell 9.1 per cent to $732 million. Earnings, however, rose to $1.72 per share from $1.69 per share due to Viacom’s share repurchase programme.