Viacom’s first quarter net earnings fell 34% amid a recession and a soft advertising market, TelevisionWeek reports Earnings were $177 million, or 28 cents per share. Revenues fell 7% to $2.9 billion. At its media networks group, which includes MTV, Nickelodeon and Comedy Central, operating income was down 9% to $629 million. Revenues were down 8% to $1.87 billion as domestic ad sales fell 9% and worldwide ad sales dropped 11%. Viacom’s earnings announcement can be read here.
—Jon Lafayette