Owner of MTV, Paramount beats Wall Street expectations
The New York owner of MTV, Comedy Central and the Paramount movie studio said net income rose to $804 million, or $1.68 a share, compared with $650 million, or $1.26 a share, in the year-earlier period. Revenue in the period increased 9% to $3.65 billion from $3.36 billion in the year-earlier quarter.
Wall Street analysts had expected the company to post $1.44 per share.
At the company’s cable networks, which also include Spike and VH-1, revenue rose 7% to $2.46 billion, owing to what the company said was an increase in both revenue from advertising and distribution. Ad revenue rose 10% in both the company’s domestic and foreign operations, owing to rate increases. Revenue from the cable networks came to $2.29 billion in the year-earlier period.
At Viacom’s filmed-entertainment operations, revenue rose 11% to $1.21 billion, owing to increase in revenue from theatrical releases as well as home entertainment. Viacom said revenue from theatrical releases rose 31% due to “carryover” revenue from “World War Z” in the third quarter. Home-entertainment revenue rose 24%. In the year-earlier period, revenue came to nearly $1.09 billion.