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Viacom Profit Up, Declares Dividend
http://story.news.yahoo.com/news?tmpl=story&cid=580&ncid=580&e=3&u=/nm/20030724/bs_nm/media_viacom_earns_dc


Viacom Inc. (NYSE:VIAB - news) on Thursday reported higher quarterly profit, driven by stronger advertising at its MTV and Comedy Central cable channels and CBS network, and declared its first dividend since 1987.


The media company, home to Paramount Pictures, UPN network and shows like "The Osbournes," also raised its 2003 forecast for revenues and earnings.


Viacom said net income rose to $660 million, or 37 cents a share, in the second quarter, from $547 million, or 31 cents a share, a year earlier.


Revenue rose 10 percent to $6.42 billion while its operating income in the second quarter rose 12 percent amid a boost from its recent purchase of venture partner AOL Time Warner Inc.'s (NYSE:AOL - news) stake in Comedy Central and ad gains.


"Viacom's earnings are pretty solid. Cable networks was a standout," said Jordan Rohan, analyst at SoundView Technology Group, who has an outperform rating on the stock.
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