VIACOM: TV REVENUE SOARS; MOVIE REVENUE DIVES

Viacom said today (Thursday) that its profit soared 16 percent in its first quarter despite the fact that overall revenue fell 4 percent. There was a striking difference between the performance of its cable networks and that of its filmed entertainment unit — principally the Paramount movie studio and its home-entertainment division. At the cable networks, which include MTV, Nickelodeon, Comedy Central and BET, revenue actually rose 6 percent as ad sales rose 3 percent and revenue from retransmission deals rose 10 percent. “Once again, Viacom’s results reflect our significant investments in content, our deep connection with audiences and our ongoing financial discipline,” said Philippe Dauman, president and CEO of Viacom, in a statement. “Our media networks continue to lead on television while also pioneering new, multi-screen experiences for users and expanded opportunities for advertising and distribution partners.” But revenue from Viacom’s movies fell a whopping 52 percent versus the same quarter a year ago, largely due to fewer releases, and lower revenue from home entertainment.