A revived ad market boosted the media networks division, but the movie unit faltered. The result was a 3rd quarter net revenue of $3.33 billion, a 5% increase compared to $3.17 billion same quarter last year and in line with Wall Street expectations. But profit-wise, Viacom’s net income fell to $189 million from $463 million same quarter last year due to several one-time charges and dropping profits at the Harmonix gaming unit, which the company announced it will be selling. Harmonix is responsible for the Rock Band video game series. MTV Networks bought Harmonix in 2006 for $175 million. Of the film division, Philippe Dauman decided to focus on the future, saying, “Our motion picture business continues on its trajectory of controlling overhead expenses as it pursues a film strategy focused on franchises and brands. The studio is off to a great start in fiscal 2011 with the box office success of Jackass 3D and Paranormal Activity 2.” And Sumner Redstone said, “We continue to benefit from the improving economy and look forward to even brighter days ahead.”
Mixed Results For Viacom's 3rd Quarter
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