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VIACOM PROFITED FROM STRIKE, TOO
Friday, May 2 2008
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Just days after one of Sumner Redstone's media companies, CBS, surprised analysts by reporting a 14-percent jump in profits for the first quarter despite the writers' strike, his other major media company, Viacom, reported a 33-percent jump. The company said that its profits rose to $270 million from $203 million a year ago. Overall revenue rose 15 percent to $3.12 billion, far ahead of analysts' estimates, who credited the results primarily to strong performances by Nickelodeon and MTV. They noted that the two networks were beneficiaries of the audience exodus from broadcast television that occurred during the strike. CBS also attributed its solid performance to the effects of the strike, saying that while it resulted in lower ratings and lower advertising receipts, the losses were more than offset by lower content costs.
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