Viacom Takes A Dip
Viacom, which owns Paramount Pictures and MTV Networks, saw its third-quarter earnings slide 37 percent from a year ago, the company announced in its quarterly financial report. Net earnings dropped to $401 million, or 65 cents per share, down from $641 million, or 96 cents per share.
Viacom reports that Paramount’s theatrical revenue fell more than a third and advertising revenue also declined, worsened by lackluster ratings at MTV.
There were operating losses of $19 million in “filmed entertainment,” which includes Paramount, compared to an operating profit of $72 million in Q3 2007.