Viacom has seen its revenues grow by four per cent in Q3 (ending September 30th) to $3.41 billion, led by a six per cent increase in Media Networks revenues.
Filmed Entertainment revenues, however, were relatively flat versus the prior year's results.
Operating income declined 15 per cent in the quarter, primarily reflecting a $91 million decrease in Filmed Entertainment as it lapped the strong performance of Transformers in Q3 2007.
Net earnings from continuing operations were $385 million, with diluted earnings per share of $0.62, a seven per cent decrease from the prior year's results.
Philippe Dauman, president and CEO of Viacom, said: "In the quarter, Viacom's multiple revenue streams provided solid top-line growth for the company, with strong ancillary and affiliate revenue increases moderating the impact of a softer domestic advertising market.
"Our popular programming, such as The Daily Show with Jon Stewart, Spongebob Squarepants and The Hills, continues to connect with audiences and set viewership records.
"In the coming months, we plan to launch several new shows, as well as novel multiplatform initiatives to recharge ratings at some of our channels. We are also very excited by the great potential of our games business, led by our rapidly expanding Rock Band franchise."
Dauman continued: "Paramount Pictures has taken significant steps this year to achieve ongoing overhead and operational savings in order to better compete in the current marketplace."
Media Networks revenues rose six per cent to $2.13 billion, led by a 36 per cent increase in ancillary revenues to $313 million. This growth was driven by strong sales of Rock Band, which more than offset a decline in consumer products sales.