Viacom Profit, Sales Decline on Ratings

Nov 4, 2008  •  Post A Comment

Viacom Inc., whose cable networks include MTV and VH1, reported a 37% drop in profit for the third quarter due to lower ratings and a softening economy, Television Week reports. The company posted net profit of $401 million, or 65 cents a share while revenue edged up 4% to $3.4 billion. Domestic advertising revenue fell 3%, a drop the company attributed to ratings softness at the MTV, VH1 and BET channels, TVWeek says. The company also said sales were damped by lower spending in some ad categories such as automotive.
—Greg Baumann

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