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MUMBAI:
Driven by the filmed entertainment segment, Viacom has posted
a third-quarter operating income of $784 million, up 14 per
cent from the earlier-year period.
The
strong performance of Transformers: Revenge of the Fallen,
restructuring of 2008 and several cost-saving measures, Viacom's
filmed Entertainment segment swung from a loss in the previous
year to a $69 million profit in the third quarter of 2009.
Media Networks operating income grew by two per cent to $773
million, reflecting continued growth in affiliate revenues.
Viacom's profit grew by 15 per cent to $463 million.
Viacom's
third-quarter revenues, however, decreased by three per cent
to $3.32 billion, primarily reflecting lower home entertainment
and ad sales, which more than offset increases in affiliate
sales and theatrical revenues.
The
gain in operating income in the quarter was driven primarily
by an $88 million increase in the filmed entertainment segment.
Adjusted net earnings from continuing operations attributable
to Viacom were $421 million, up 24 per cent over the third
quarter 2008 results, with adjusted diluted earnings per share
(EPS) of $0.69, a 25 per cent increase over the prior year's
results.
Viacom
executive chairman Sumner M. Redstone said, "As we enter
a period of economic recovery, Viacom is already beginning
to reap the benefits of a highly focused and well executed
strategy. With our strong brands and growing global footprint,
we are well positioned to capitalize on future opportunities."
Viacom
president, CEO Philippe Dauman said, "We continued to
take a number of actions to strengthen our financial position,
tighten our operations and improve execution across our businesses.
The third quarter proved to be an opportune time to extend
our long-term debt maturities at favorable rates, which allowed
us to further strengthen our balance sheet. We continue to
build on our leadership position in the cable networks business
by strengthening our brands and working closely with our marketing
partners to develop comprehensive, multiplatform solutions.
A stronger programming slate drove ratings gains at several
core networks and MTV delivered another record-setting Video
Music Awards."
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