Viacom profit jumps on cost-cutting, cable revenue

[August 05, 2010]  NEW YORK (AP) -- Viacom's second-quarter profit jumped almost 52 percent, boosted by cost-cutting at its Paramount Pictures film studio and higher revenue from its cable channels.

The media conglomerate, controlled by billionaire Sumner Redstone, says its net income rose to $420 million, or 69 cents per share, in the three months ended June 30. That's up from $277 million, or 46 cents per share, a year ago.

On average, analysts surveyed by Thomson Reuters expected earnings of 66 cents per share.

Viacom says revenue was flat at $3.3 billion. Analysts had forecast $3.4 billion.

Revenue climbed at its cable channels, which include BET, MTV, Comedy Central and Nickelodeon.

Film revenue slipped, but the studio has saved money by focusing on fewer releases.

[Associated Press]

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