Viacom Inc. bounces back

first_imgNEW YORK – Viacom Inc., the media conglomerate that owns MTV, CBS and the Paramount movie studio, swung to a profit of $708.5 million in the third quarter, bouncing back from a loss in the year-ago period when results were hit by a charge for the Blockbuster Inc. video rental business. Viacom said Tuesday its profit in the three months ended Sept. 30 was equivalent to 45 cents per share, in line with the estimates of analysts surveyed by Thomson Financial. In the same period a year ago, Viacom posted a loss of $487.6 million, or 28 cents per share, due to a $1.5 billion charge related to Blockbuster, which has since been split off into a separate company. Revenues rose 10 percent to $5.94 billion from $5.38 billion in the same three-month period a year ago. Viacom is planning to divide itself into two companies by the end of the year, one anchored by the CBS television network, and another built around MTV and Viacom’s other cable channels including VH1, Nickelodeon and BET. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the Week In anticipation of the split, Viacom realigned some of its businesses to reflect the structure of the two new companies. In one such move, Viacom folded the Showtime cable channel into its CBS television division.last_img