Media giant Viacom issued a rosy financial report today, highlighted by profits that beat Wall Street expectations and growth in the cable segment, according to The Hollywood Reporter.
Operating income for media networks was up 13% to $806 million for the fiscal second quarter, reflecting improving ad revenue and continued strength in ratings for hit shows, the story reports.
The film unit swung to an operating profit of $39 million, up from a loss of $83 million a year ago. Some analysts had predicted a loss for the segment.
“The entertainment company also said that premium TV service Epix, a joint venture of Viacom, MGM and Lionsgate, brought in another profitable quarter,” the story reports. “Viacom recorded $15 million in equity income from companies in which it is an investor, compared to a year-ago loss of $28 million. Management said the profit came ‘principally from Epix.’"
On a conference call to announce the financial results, Viacom President and CEO Philippe Dauman said: "Every part of Viacom is in great shape."
Viacom’s quarterly profit from continuing operations was $376 million, up 47% from $255 million a year earlier. Revenue for fiscal Q2 was $3.27 billion, an increase of 20%.
The TV segment was boosted by the success of, among other shows, MTV’s “Jersey Shore,” BET’s “The Game” and Comedy Central’s “Tosh.o,” the story notes.