Viacom Tops Profit Estimates, Plans to Sell Rock Band

Viacom Inc., the owner of MTV Networks and Comedy Central, reported profit that beat analysts’ estimates after higher viewership of television shows like “Jersey Shore” boosted advertising sales.

Viacom said today it will sell the unprofitable Harmonix unit, creator of the “Rock Band” music video game. Excluding the game business and tax benefits, profit was 75 cents, topping the 70-cent average of 26 analysts’ estimates compiled by Bloomberg.

A surging recovery in ratings at MTV, driven by the hit show “Jersey Shore,” as well as Nickelodeon, TV Land and Comedy Central helped Viacom sell more TV commercials at higher prices. U.S. ad sales rose 8 percent, compared with the 6 percent to 7 percent growth estimated by Evercore Partners analyst Alan Gould. Advertising gains helped offset lower box- office revenue.

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- Posted: 2010-11-11 09:09:00

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