Viacom Cuts Losses

Viacom Inc. dramatically cuts its losses for the first quarter to $3.68 million (or 3 &cents; a share) from $17.08 million (16 &cents;). Revenue for the period ended March 31 jumped 26% to $497.2 million, while operating results for the quarter soared 42% to $81.35 million.

Separately, Viacom has filed a registration statement with the Securities & Exchange Commission covering a domestic and international offering of 9 million shares of non-voting common stock.

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