May 1 Viacom Inc, which owns cable
networks MTV and Comedy Central, reported a 4 percent rise in
quarterly profit as increased advertising revenue from its cable
business offset weakness in its film entertainment division.
Net income from continuing operations attributable to the
company rose to $502 million, or $1.13 per share, in the second
quarter, from $481 million, or 96 cents per share, a year
Viacom, which owns movie studio Paramount Pictures, earned
$1.08 per share, excluding items.
Revenue rose to $3.17 billion from $3.14 billion for the
quarter ended March.
Viacom also said it would buy British public service
broadcaster Channel 5 Broadcasting Ltd for 450 million pounds
($760 million) from media baron Richard Desmond's Northern &
Shell Media Group.
($1 = 0.5922 British Pounds)
(Reporting by Soham Chatterjee and Mridhula Raghavan in
Bangalore; Editing by Don Sebastian)