Viacom earnings outstrip anticipation

Viacom Corporation., who owns MTV, Comedy Central and Vital Pictures, stated Friday that it is net gain elevated 37 percent within the latest quarter, because of growing advertising sales and greater costs from cable television along with other firms that carry its channels.The organization, that is controlled by billionaire Sumner Redstone, gained $574 million, or 97 cents per share, within the fiscal third quarter that ended on June 30. That's up 37 percent from $420 million, or 69 cents per share, last year.Eliminating special products, modified earnings were 99 cents per share. That's well over the 86 cents per share that experts questioned by FactSet were expecting.Viacom's revenue rose 15 % to $3.77 billion from $3.28 billion. Experts were expecting $3.52 billion.Leader and Boss Philippe Dauman stated the "breadth of hit programming found across Viacom's media network portfolio" is adding to strong advertising growth.Worldwide advertising revenue increased 14 % to $1.28 billion, while U.S. ad sales elevated 12 % throughout the quarter. The U.S. and worldwide growth rates were slightly greater than Viacom saw in the earlier quarter, further sign the advertising marketplace is enhancing.Viacom stated revenue at its media systems segment, including MTV, Nickelodeon along with other Television channels, increased 16 percent to $2.39 billion. The business's shot entertainment segment, including Vital, saw revenue increase 13 percent to $1.41 billion because of gains in DVD sales and TV license revenue. Contact the range newsroom at news@variety.com