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."
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