Viacom: 37 percent less profit in the 3rd quarter
Compared with the same period last year, the U.S. media company Viacom reported a 37 percent decline in profits in the third quarter of 2008. Revenue, however, rose by four percent.
The US media company Viacom, operator of the music television channel MTV and the Paramount film studios, has recorded a 37 percent drop in profits. The quarterly figures published this week are seen as evidence that advertising revenues in the media industry are falling noticeably as a result of the financial crisis and economic downturn. In the third quarter, Viacom achieved a net profit of 401 million dollars compared to 641 million dollars in the same period last year. Turnover was four percent higher at 3.4 billion dollars.
