New York — Viacom says its third-quarter profit jumped a better-than-expected 15 per cent as a stronger movie slate offset continuing declines in advertising and DVD sales.
The media conglomerate controlled by billionaire Sumner Redstone owns a wide range of media properties including Paramount Pictures, the MTV and Nickelodeon cable networks and the “Rock Band” video-game franchise.
The company, based in New York, says it earned $463-million (U.S.), or 76 cents per share, up from $401-million, or 65 cents per share, a year ago.
Excluding certain one-time gains, adjusted earnings came to 69 cents a share. Analysts were looking for earnings of 57 cents per share.
Viacom says revenue slipped 3 per cent to $3.3-billion, in line with estimates.