Viacom Profit Rises 80% on Cable Ads, `Transformers' |
| Bloomberg - Nov 2, 2007 |
Viacom Inc., owner of MTV and the Paramount film studio, said third-quarter profit rose 80 percent, fueled by cable advertising, the movie ``Transformers'' and the sale of its Famous Music publishing business.
Net income increased to $641.6 million, or 96 cents a share, from $356.8 million, or 50 cents, a year earlier, New York-based Viacom said today in a statement. Excluding a gain, profit of 65 cents beat the 59-cent average of 15 analysts' estimates compiled by Bloomberg. Sales advanced 24 percent to $3.27 billion, beating the average estimate of $2.97 billion.
``Transformers'' is the year's third-highest grossing film in the U.S., and has taken in worldwide sales of $702.4 million since opening in late June, according to researcher Box Office Mojo LLC. The film helped spark a return to profit at Paramount, the top studio in ticket sales this year. Higher advertising at Viacom's media networks boosted the division's sales 8.8 percent.
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- Posted: 2007-11-02 10:19:31
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