Viacom Profit Up 16 Percent in Q1

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NEW YORK: Net profits at Viacom in the fiscal first quarter rose 16 percent to $547 million, despite a 4 percent slip in revenues to $3.2 billion.

"Once again, Viacom’s results reflect our significant investments in content, our deep connection with audiences and our ongoing financial discipline," said Philippe Dauman, Viacom's CEO. "Our Media Networks continue to lead on television while also pioneering new multiscreen experiences for users and expanded opportunities for advertising and distribution partners. With high-profile films this quarter in Anchorman 2: The Legend Continues, Jackass Presents: Bad Grandpa, Nebraska and Wolf of Wall Street, Paramount is off to a strong start as the studio continues building its animation and television production capabilities alongside a promising slate for fiscal 2014."

At the Media Networks, revenues gained 6 percent to $2.5 million, with affiliate revenues up 10 percent, U.S. ad revenues up 3 percent and global ad revenues gaining 4 percent. The segment posted operating income of $1.1 billion, an 8 percent gain.

The Filmed Entertainment division, meanwhile, saw its revenues drop 30 percent to $681 million, as theatrical revenues dropped 52 percent and home-entertainment revenues went down by 37 percent. The business recorded an operating loss of $74 million, an improvement on the year-ago quarter's $139 million loss.

Overall operating income at Viacom in Q1 was $960 million, up 20 percent on this time last year.