Friday, February 29, 2008

Viacom's Profit Up, Aided by MTV Ad Sales

Viacom, the cable network and movie studio owner, said Thursday that fourth-quarter profit rose 16 percent on higher advertising sales at its MTV Networks and strong sales of its "Rock Band" video game and "Transformers" DVDs.
Viacom said it had seen no impact from a weaker United States economy, echoing similar statements from some of its big media peers.
The company, which owns the Nickelodeon Network and Paramount movie studios, posted a net profit of $559.5 million, or 86 cents per share, up from $480.8 million, or 69 cents per share, a year earlier.
Revenue rose 19 percent to $4.25 billion, beating analyst expectations of $4 billion in revenue.Excluding items the company's profit of 84 cents beat Wall Street expectations of 82 cents, according to Reuters Estimates.Reuters

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