Viacom adjusted profit, revenue fall in 1Q

 
No Author Published: January 31, 2013    Comment on this article Leave a comment

photo - In this photo made Jan. 19, 2010, the entrance to Viacom's headquarters is shown in New York. Viacom Inc. said Thursday, Jan. 31, 2013, that net income rose sharply in its fiscal first quarter compared with results depressed by a large accounting charge a year ago. But its revenue and adjusted earnings fell because of a decline at its Paramount studio business and lower advertising revenue at its Nickelodeon television channels. (AP Photo/Mark Lennihan)
In this photo made Jan. 19, 2010, the entrance to Viacom's headquarters is shown in New York. Viacom Inc. said Thursday, Jan. 31, 2013, that net income rose sharply in its fiscal first quarter compared with results depressed by a large accounting charge a year ago. But its revenue and adjusted earnings fell because of a decline at its Paramount studio business and lower advertising revenue at its Nickelodeon television channels. (AP Photo/Mark Lennihan)

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Meanwhile, Dauman said MTV was looking into diversifying its programs after the end of "Jersey Shore" in December after three years. He said the network was tapping into such themes in youth culture as the complexities of modern relationships. Among them: "Catfish," an unscripted series about dating in the digital world.

"Jersey Shore was a game-changing hit for TV but it also precipitated an overemphasis on one night," he said. "We're now successfully building out additional nights."

Viacom, which is based in New York, took an after-tax charge of $379 million in the 2011 quarter to cover an arbitration award won by the original shareholders of Harmonix.

Viacom had acquired Harmonix in 2006, but sold it back to its founders in 2010. The founders then sued, claiming that they were owed extra payments for the performance of "Rock Band" during its spell of popularity. They won an arbitration award of $383 million. Viacom is appealing the award, but has set aside the money.

Viacom's more heavily traded class of stock, Class B, rose $1.02, or 1.7 percent, to close at $60.35 Thursday. It rose as high as $60.84 earlier in the session. That was an all-time high, according to FactSet. Viacom's stock began trading in its current form in late 2005, just before CBS Corp. separated into a separate company.

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