Media conglomerate Viacom posted a 65-per-cent
drop in quarterly profits Thursday as its cae TV stations attracted
fewer ads and it booked a $379-million charge related to the
sale of its Rock Band video-game company Harmonix.
The owner of Paramount Pictures, MTV and Comedy Central said it earned 212 million dollars in its fiscal first quarter compared to 610 million dollars a year earlier. Revenue increased 3 per cent to 3.95 billion dollars.
Paramount's sales were boosted 4 percent to $1.6 billion on the strong performance of Tom Cruise's "Mission: Impossible - Ghost Protocol," which has taken in $575 million worldwide.
But advertising on its cable properties was sharply down, largely due to viewer flight from Viacom's kid's channel Nickelodeon, chief executive Phillippe Dauman said. "If we hadn't had the Nickelodeon ratings issues, our advertising sales would have been a growth for the quarter," he said.
Most Popular Stories
- Paul Walker Fans Pay Respects
- Hispanics Seek to Grow School Board Members
- Bitcoin Used to Buy Tesla Car
- 'Knockout Game': Myth or Menace?
- Banks Fret as Volcker Vote Approaches
- Yellen Set to Become One of World's Most Powerful Women
- GM Stock Hits New High as U.S. Exit Nears
- GM Bailout Saved 1.2 Million U.S. Jobs, Report Says
- Slow Week Ahead of December FOMC Meeting
- 18 L.A. Sheriff's Deputies Face U.S. Charges