May 1, 2014 / 11:20 AM / 4 years ago

Viacom quarterly profit rises 4 percent

(Reuters) - Viacom Inc (VIAB.O), which owns cable networks MTV and Comedy Central, reported a 4 percent rise in quarterly profit as increased advertising revenue from its cable business offset weakness in its film entertainment division.

A woman exits the Viacom Inc. headquarters in New York April 30, 2013. REUTERS/Lucas Jackson

Net income from continuing operations attributable to the company rose to $502 million, or $1.13 per share, in the second quarter, from $481 million, or 96 cents per share, a year earlier.

Viacom, which owns movie studio Paramount Pictures, earned $1.08 per share, excluding items.

Revenue rose to $3.17 billion from $3.14 billion for the quarter ended March.

Viacom also said it would buy British public service broadcaster Channel 5 Broadcasting Ltd for 450 million pounds ($760 million) from media baron Richard Desmond’s Northern & Shell Media Group.

($1 = 0.5922 British Pounds)

Reporting by Soham Chatterjee and Mridhula Raghavan in Bangalore; Editing by Don Sebastian

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