Viacom Q2 Earnings Ascend 24%

11 August 2006

NEW YORK: Raising two fingers to concerns that a slowdown in cable advertising would erode its bottom line, Viacom reported stronger second-quarter earnings, driven by gains at its cable networks and the recent acquisition of DreamWorks' Hollywood studio.

Net profit rose 24% to $437.3 million (€339.31m; £229.1m) from $353.9m in the year-ago period. The results were boosted by a gain in tax reserves after an audit settlement. Revenue rose 24% to $2.85 billion.

Crooned ceo Tom Freston: "We're very pleased with cable ad sales for the quarter. We're optimistic now about the rest of the year."