Viacom Inc. (NYSE: VIA) posted a 15 percent jump in third-quarter profit Tuesday as a stronger film slate from its Paramount Pictures movie studio helped offset continuing declines in advertising and DVD sales, according to Associated Press.
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Its shares rose more than 6 percent in premarket trading.
The media conglomerate controlled by billionaire Sumner Redstone owns a wide range of media properties including the MTV and BET cable networks and the "Rock Band" video-game franchise.
The release of "Transformers: Revenge of the Fallen" and "G.I. Joe: The Rise of Cobra," helped Paramount earn $69 million during the third quarter, reversing a $19 million operating loss from a year ago.
Overall, the company based in New York said it earned $463 million, or 76 cents per share, in the three months ended Sept. 30, up from $401 million, or 65 cents per share, a year ago.
Excluding a one-time gain from a favorable tax adjustment and a charge for paying down debt, earnings came to 69 cents a share. On that basis, analysts were looking for earnings of 57 cents per share.
Revenue slipped 3 percent to $3.3 billion from $3.4 billion a year ago, in line with estimates.
Its shares fell 6 cents to $29.71 in morning trading.
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