US Viacom posts USD470m net income in Q1 

(MENAFN) Viacom Inc. CEO, Philippe Dauman, stated that the company's net income grew notably to USD470 million in the first quarter, from USD212 million in the same period a year earlier, reported AP.

Dauman said that earnings a year ago were affected by charges of USD379 million related to a contract battle with the original shareholders of Harmonix Music Systems Inc., the maker of the "Rock Band" video games.

In the period, revenue declined 16 percent from USD3.95 billion to USD3.3 billion.

The New York-based firm added that revenue from its television networks, including MTV, Comedy Central and Nickelodeon, fell 2 percent to USD2.39 billion.

Meanwhile, revenue at the Paramount filmed entertainment business plunged 37 percent, reaching USD975 million, as the 2011 period saw the release of "Mission: Impossible- Ghost Protocol" in theaters and a "Transformer" movie on home video.

The company's licensing fees from television shows it produces also went down, reflecting the number and mix of titles available.

It is worth noting that company is focusing now on strengthening its Saturday morning program, its weekday afternoon shows and its preschool viewership, so that young kids would become long-term viewers as they grow up.