Viacom Q3 Revenues Rise
November 2, 2007 at 6:03 AM (PT)
VIACOM overall revenues rose 24% to $3.27 billion, with net earnings from continuing operations up 27% to $449.0 million (67 cents/diluted share). The company's Media Networks division, which includes MTV NETWORKS, saw a 9% revenue increase to $2 billion.
Executive Chairman SUMNER REDSTONE said, "VIACOM continues to deliver strong results for its shareholders by attracting loyal and valuable audiences around the world, and connecting with those audiences on every available platform. We are very well positioned to grow our core businesses while cultivating and monetizing new opportunities."
Pres./CEO PHILIPPE DAUMAN added, "VIACOM delivered solid growth at the top and bottom lines in the third quarter. Innovation and execution continue to be key drivers in our success. Our slate of original programming across our Media Networks is gaining traction with ratings showing steady improvement. We are also expanding our presence in the digital arena as we offer richer entertainment experiences, which are engaging more fans. Traffic across our global websites continues to increase substantially. We are bringing those audiences closer to our brands with tools that allow them to interact with our content and to form communities around their interests through FLUX, the social networking platform which we began to roll out this quarter. As a result, people are spending more time on our sites."