Viacom Inc <VIAB.O>, owner of the Paramount movie studio and cable network MTV and Comedy Central, reported stronger-than-expected profit and revenue due to higher affiliate fees and the box-office success of movies such as "Transformers: Age of Extinction".
Continue Reading Below
Revenue in Viacom's movie business, the company's second biggest, rose 12 percent in the fourth quarter, also helped by the strong performance of "Teenage Mutant Ninja Turtles".
A boost in affiliate fees - rates Viacom charges from cable and satellite TV operators and mobile operators for carrying its programs - drove up revenue by 8.3 percent to $2.66 billion.
Total revenue rose 9.3 percent to $3.99 billion, beating the average analyst estimate of $3.90 billion, according to Thomson Reuters I/B/E/S.
Net earnings from continuing operations attributable to Viacom fell 9.1 percent to $732 million. Earnings, however, rose to $1.72 per share from $1.69 per share due to Viacom's share repurchase program.
Excluding items, the company earned $1.71 per share in the fourth-quarter ended Sept. 30, above the average analyst estimate of $1.68 per share.
Viacom's shares closed at $69.25 on the Nasdaq on Wednesday.
(Corrects headline to add dropped word 'fees')
(Reporting By Lehar Maan in Bangalore; Editing by Saumyadeb Chakrabarty)