CBS owner Viacom announced a profit for the fourth quarter, partially due to an improved advertising market. A year ago the company reported a net loss for the same period.
The media conglomerate that also owns MTV and Paramount Pictures last week reported that net income reached $652.4 million, or 37 cents a share, compared with a net loss of $42.5 million, or two cents a share, a year earlier.
Viacom annually generates about half of its revenue from advertising-based businesses such as cable and network television, radio stations and outdoor billboards. Revenue from Viacom's cable networks segment grew 16 percent to $1.35 billion, while television revenue climbed six percent to $2.12 billion.
The company said that the revenue from cable networks is generated primarily from advertising sales and affiliate fees, while broadcast television revenue is generated largely from advertising sales. The media giant owns no print media outlets, which have been the most severely impacted by the advertising slowdown.
For more information visit www.viacom.com.
