Viacom 2Q profit rises 4 pct helped by TV networks

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Associated Press

Posted on May 1, 2014 at 5:01 AM

Updated Thursday, May 1 at 9:06 AM

NEW YORK (AP) — Viacom says its second-quarter profit rose 4 percent, boosted by its TV networks, and beat Wall Street predictions.

The New York company, which owns Nickelodeon, MTV, Comedy Central and Paramount Pictures, earned $502 million, or $1.13 per share, for the quarter ended March 31. That was up from $478 million, or 96 cents per share, in the same quarter the year before.

Revenue edged up 1 percent to $3.17 billion from $3.14 billion.

Analysts polled by FactSet expected a profit of $1.05 per share on $3.19 billion in revenue.

Media networks revenue rose 6 percent to $2.38 billion, while filmed entertainment revenue fell 12 percent to $831 million.

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