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Philippe Dauman

Viacom and CBS beat expectations in tough TV ad market

Sumner Redstone had a good day on Wednesday as his two companies Viacom Inc and CBS Corp reported quarterly results that beat Wall Street estimates on the back of unexpectedly strong TV advertising revenue.Viacom reversed a long ad revenue slide, surprising analysts by posting growth in the first quarter. CBS reported a profit that easily beat the most optimistic of Wall Street estimates, as special events helped its broadcast network increase ad revenue by 8 percent.Viacom shares touched a new multiyear high before closing up 2.6 percent on the Nasdaq, while CBS shares rose 1 percent in after-hours trading."Viacom had ratings pressure for a long time, so it's significant that they have turned the corner in terms of ad growth, which is now positive instead of negative," said Brett Harriss, an analyst with Gabelli & Co.Redstone is executive chairman of the two companies, which used to be a single entity. Over the last four years, CBS shares have risen more than 1,100 percent, while Viac...

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