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Viacom Profits Rock

May 2, 2008  •  Post A Comment

Viacom reported higher first-quarter profits and strong sales of its “Rock Band” video game, TVWeek says. Net earnings rose 33% to $270 million, or 42 cents a share, from $203 million, or 22 cents a share, a year ago, the company said Friday. Revenues rose 15% to $3.1 billion. Excluding the impact of restructuring charges at MTV Networks a year ago, adjusted operating income rose 14% in the first quarter. “Content creation is our central mission and our ongoing investments in programming are paying off as we see our television ratings continue to improve,” said Viacom CEO Philippe Dauman, citing MTV’s “Randy Jackson Presents: America’s Best Dance Crew,” TV Land’s “High School Reunion” and BET’s “Iron Ring.” “Audiences are also responding to our digital content, which is moving beyond our own branded sites through smart distribution deals with leading online and mobile partners,” Mr. Dauman said in a statement.
Viacom’s full earnings announcement can be found here.

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