Viacom profit jumps on cost cutting, cable revenue
Viacom's second-quarter profit jumped almost 52 percent, boosted by cost-cutting at its Paramount Pictures film studio and higher revenue from its cable channels.
The media conglomerate, controlled by billionaire Sumner Redstone, says its net income rose to $420 million, or 69 cents per share, in the three months ended June 30. That's up from $277 million, or 46 cents per share, a year ago.
On average, analysts surveyed by Thomson Reuters expected earnings of 66 cents per share.
Viacom says revenue was flat at $3.3 billion. Analysts had forecast $3.4 billion.
Revenue climbed at its cable channels, which include BET, MTV, Comedy Central and Nickelodeon.
Film revenue slipped, but the studio has saved money by focusing on fewer releases.
Copyright 2010  AP News
