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MENAFN - 17/11/2012

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(MENAFN) US mass media firm Viacom Inc. reported a 13 percent increase in quarterly profit despite lower revenue, AP reported.

The world's fourth largest media conglomerate said it made USD650 million net profit during its fourth quarter, up from USD576 million a year earlier.

The company also reported a 17 percent decline in quarterly revenue to USD3.36 billion from USD4.05 billion a year ago.

The owner of Paramount movie studio said its cable TV network business, which includes Nickelodeon, MTV, Comedy Central and BET, was almost flat year-on-year at USD2.29 billion, while operating income fell 3 percent to USD933 million.

Viacom said increases in fees from cable and satellite companies to carry its channels were offset by declines in advertising revenue.

Advertising revenue fell 6 percent in the USD and 7 percent worldwide, which offset the growth from its cable TV network business.

Viacom said a 10-day blackout of its channels on DirecTV because of a fee dispute cancelled the benefits of the BET Awards moving to the July-September quarter.

Full-fiscal year profits dropped by 7 percent to USD1.98 billion from USD2.14 billion, the company reported. Revenue fell 7 percent to USD13.9 billion.

 






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