NEW YORK: Media group Viacom has reported a drop in fiscal second quarter earnings of 36%. The figures were the result of restructuring at its flagship MTV Network division and higher marketing costs at the Paramount movie studios.
The company, which like sibling CBS is controlled by veteran tycoon Sumner M Redstone, was spun-off late last year [WARC News: 03-Jan-06].
It saw net earnings fall to $203 million (€150.5m; £102.6m) from $317m in the year earlier period. Revenue grew 16% to $2.75 billion, above analysts' expectations.
Data sourced from Financial Times online; additional content by WARC staff