Viacom Profit Jumps 60% as Ad Sales Surge
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Viacom Inc. said first-quarter profit rose 60% to its highest in more than seven years as advertising sales climbed at its CBS television network and it recorded a tax benefit.
Net income jumped to $710.5 million, or 41 cents a share, from $443.1 million, or 25 cents, a year earlier, the New York-based company said. Viacom recorded a gain of $141 million, or 8 cents a share, from resolving a tax audit. Sales rose 12% to $6.77 billion.
Television sales surged 18%, helped by a ratings increase at CBS, the most-watched network, from shows such as “CSI: Crime Scene Investigation.”
Viacom’s shares fell 19 cents to $40.79 on the New York Stock Exchange.
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