Viacom's 3Q profit jumps 15 percent

[November 03, 2009]  NEW YORK (AP) -- Viacom Inc. posted a 15 percent jump in third-quarter profit Tuesday as a stronger film slate from its Paramount Pictures movie studio helped offset continuing declines in advertising and DVD sales. Its shares rose more than 6 percent in premarket trading.

The media conglomerate controlled by billionaire Sumner Redstone owns a wide range of media properties including the MTV and BET cable networks and the "Rock Band" video-game franchise.

The release of "Transformers: Revenge of the Fallen" and "G.I. Joe: The Rise of Cobra," helped Paramount earn $69 million during the third quarter, reversing a $19 million operating loss from a year ago.

Overall, the company based in New York said it earned $463 million, or 76 cents per share, in the three months ended Sept. 30, up from $401 million, or 65 cents per share, a year ago.

Excluding a one-time gain from a favorable tax adjustment and a charge for paying down debt, earnings came to 69 cents a share. On that basis, analysts were looking for earnings of 57 cents per share.

Revenue slipped 3 percent to $3.3 billion from $3.4 billion a year ago, in line with estimates.

Its shares rose $1.93, or 6.5 percent, to $31.70 in premarket trading.

[Associated Press]

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