Viacom’s Profit Climbs 37% on Higher U.S. Cable-TV Ad Sales
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Viacom Inc., owner of the MTV network and Paramount Pictures, said third-quarter profit gained 37 percent on rising advertising sales at cable channels.
Net income climbed to $574 million, or 97 cents a share, in the period ended June 30, from $420 million, or 69 cents, a year earlier, New York-based Viacom said today in a statement. Excluding costs to cut jobs, earnings of 99 cents a share beat the 86-cent average of 25 analysts’ estimates.