Viacom Profit Up 15 Percent

NEW YORK: Third-quarter profit at Viacom was up by 15 percent to $443 million on revenues of $3.3 billion, driven by the stronger performance at Paramount Pictures.

Total revenues for the period were down by 3 percent due to lower home entertainment and ad sales, partially offset by an increase in affiliate and theatrical revenues.

Media networks revenues were stable at $2.12 billion, with increased affiliate revenues partially compensating for a reduction in advertising and ancillary income. Worldwide affiliate revenues gained 10 percent. On the advertising front, U.S. revenues fell 4 percent and worldwide revenues were down 5 percent. Media networks’ operating income rose 2 percent to $$773 million.

Filmed entertainment revenues were down 6 percent to $1.22 billion due to weakness in the home-entertainment market as well as reduced TV license fees. However, Transformers: Revenge of the Fallen and G.I. Joe: The Rise of Cobra contributed to a 16-percent boost in theatrical revenues. As a result, the segment recovered from last year’s $19 million loss to record a profit of $69 million.