Viacom's Cable Channels Help Boost Q1 Earnings

Ad Revenue For Media Networks Unit Up 1% At Home, 3% Globally

By Claire Atkinson, Broadcasting & Cable -- Multichannel News, 4/29/2010 8:33:34 AM

Viacom, the Sumner Redstone-controlled media conglom which houses Paramount film studio and the MTV Networks suite of cable channels, joined a group of media companies participating in the growing economic recovery.

Reporting first-quarter earnings on April 29, the company recorded a 37% rise in net earnings, to $243 million, thanks to the better ad climate and rising subscription fees from pay-TV distributors. However, the company's film unit had a tougher time, contributing to an overall revenue decline of 4%, to $2.79 billion, in the period. The results were in line with most analysts' estimates.

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